lease after bk?

[trimguy35]

is it hard to lease an apartment after you have filed a bk?,

[StaciMM]

Its going to depend on your full situation. If you have good rental history & a stable job, you should be ok where the worst case scenario is a higher security deposit.

[originalhealer]

Actually, after bankruptcy, you may find that entire management companies will not rent to you. In my city, none of the large apartment complexes will rent to you if you have filed bankruptcy in the last two to three years.

I actually think that if you have a stable job, after your discharge it may be easier to do a lease-purchase or just a regular home purchase, versus trying to rent.

In my case, I went to a smaller apartment building that had one owner, and he was willing to work with me.

[trimguy35]

well i hope you right StaciMM, i was hoping to sell my house by springtime, and use
the little bit of equity i got out of it and try to save it,and i was actually planning
on moving to my home town and leasing a nice townhouse apartment for less than
i pay on my home per month, and still have some back up cash, i guess i never
really planned it out too well? i just figured as long as you put a deposit down
that was it, i didnt think my credit had anything to do with it, i am gonna go crazy
before this is through!! thanks for both of the replys....

[originalhealer]

In my city, they check your credit if you turn your head in the wrong direction ;-)

But anyway, private owners, condominium owners, these types of people are more likely to rent to you without a credit check or may be more lenient with their credit guidelines, but you may need to leave a larger security deposit, like Staci said.

Just steer clear of large apartment complexes run by management companies.

[StaciMM]

Ask about the application process ahead of time. You can do that by phone if you don't want to in person. Be honest, discuss your credit, rental, and employment situations. They are required to have an established rental guideline for qualification, and it must be the same for everyone. And, keep in mind, that if you have good rental history-that will say alot. If you had alot of late payments where you lived last, or included an apartment in your BK, it won't be the BK causing you rental grief, its the fact that you left an apartment in bad standing.

When I worked in property management there were only 2 things we couldn't work with: bad rental history (either severe payment issues or eviction/skips) and criminal background. If someone had 1 year plus of recent good rental history (family wouldn't count), the credit could be worked witih. For someone with no rental history, though, and lots of credit problems, we couldn't.

[originalhealer]

I guess it depends on the apartment complex, because quite a few of the places I called in August said that they couldn't work with me because I had filed bankruptcy within the last two years. In fact, some of the applications ask you right out if you have ever filed. One place said they could take me, but my bankruptcy had to be discharged.

[trimguy35]

just filed my paperwork!!!

i just got home from filing my paperwork! it is to filed with the court
on thursday the 13, i am relieved again! until my 341, my attorney said it
should be sometime in late november, i did ask her about problems leasing
an apartment, she didn't think i should have any problems as long as it
is after my discharge?, so that wont be a problem, because i wont be ready
to sell my home until springtime,i live near dayton Ohio, and she said she
never heard of any apartment management companys refusing anyone
because of past bankruptcys? but i still think i will call several of the
management companys just to be sure, i have lived in my home for 15
years, i have never went thirty days late, so my mortgage history is really
good, the only real reason i want to sell is to cash out,i owe 93,000
she said it appraised at 107,000, we only put my appraised value at 97,000
in the paperwork,i really didnt question her on that one? she said as long
as it was to the best of my knowledge what it was worth, and since i am
not a real estate agent , that is what we will put down?.. but at any
rate.. i will definatly call around to the different apartment management
companys, and try to pre plan something for springtime... and i really!
apreciate all the feedback from everybody!! even if it was a dose of reality!
from lightening, or HHM, and if i would have planned this sooner , i would
have just mailed my 1000 bucks to StacyMM and begged her to do my
paperwork, stacymm you definatly do your research on this BK topic!
this forum has kept me sane for the last several weeks.... thanks again

[Lightning]

...she said she never heard of any apartment management companys refusing anyone because of past bankruptcys?

Your lawyer is wrong. As others have pointed out from personal experience. Some places will flat out turn you down if you've filed for bankruptcy recently.

[trimguy35]

you are probably right!, i thought i would call around though? i seen one really
nice place that offered really nice townhouses with a 5000 deposit? but i
don't know the rest of the details, i am probably better off just keeping my
house, just to help rebuild my credit?...

[Lightning]

Certainly call places and ask about their policies.

A $5,000 deposit for a rental? Did you add an extra "0" there?

Keeping your house will not help your credit unless you reaffirm the mortgage, and the mortgage company agrees to report your positive payment history to the credit reporting agencies.

[robivi3]

trim, if your home is in decent shape and your neighborhood liveable it is always best to keep your home.

In Ft. Lauderdale it would be rather difficult to rent with a BK, especially in a good area and many owners use rental agencies which may cancel you out also. My advice is to try and keep your home.

[StaciMM]

Trimguy-

Thanks for the kind words.

One thing concerned me about what you said regarding your home value. It appraised for $107,000 yet your attorney listed $97,000? Was there a valid reason, such as repairs needed or something? If not, keep in mind you're the one on the line. If you know the value is higher and go along with under-reporting it, you could jeopardize your entire petition.

Personally, if I were your trustee and knew that you lived in your home for 15 years I would be highly suspicious if you claimed to have practically no equity. Be careful!

[trimguy35]

yeah... i am definately... reaffirming my home mortgage, and my 03 truck,
i am pretty much a no asset case , i guess this all has happened so quick,
i always heard about bankruptcy, it had always freaked me out thinking it
was a dangerous!! last resort! you will lose everything!but... then i found
this forum.. and i am on here every day, i read alot of the posts.. and it
some what... has kept my sanity.. i have not used a credit card in about
five years, i had just bounced them from one two another for so long...
and got behind, 25% interest rates, 14,600 in cc debt, 300 a month,
i guess...this has been such a stressful ordeal.. i have only told two
people, a co worker who i just recently met a few weeks back, who told
me he was filing ch.13.. go figure.. and my best friend, who is going
through a divorce, (we have had a few beers together).. but... i havn't
even told my folks.. ,i guess out of embarresment,

i am in new home construction, and with huricane katrina, the price of
pretty much about everything is going up, along with gas prices, and
just saturday Delphi.. the nations largest auto parts maker filed for
chapter 11, reorganization... they are just up the street from me..
a couple of my neighbors work there,5,700 jobs are on the line?
it is one of the largest bankruptcys in this countrys history...

i guess i am just in the early stages of ch.7 , (trying to hunker down,
swimming in a toilet bowel of cc debt, for so long... as i am sure alot
of folks on here could understand.. alot of things definatly go through
your mind.. as with me in thinking of selling my home, cashing out
having some backup money, there is an endless amount of questions
that pop through your mind,
and there again i definatly appreciate all the feedback i have had through
all of this......... thanks...

[trimguy35]

no equity

yeah.. stacymm, i have a mortgage for 73,000 , and i got a equity loan
a couple years ago... there again, debt consolidation... for 19,000 ,
that was some of the equity, so.. i dont know my attorney seems to
think there is really no red flags, although.. i have to say .. i got alot
more helpful advice from folks on this forum.....thanks...