Starting life afresh after bankruptcy might be a bumpy road but nothing compared to what you probably had been enduring for a long time before choosing bankruptcy as your way out of the financial mess. Getting an apartment on rent might be slightly difficult though not impossible for someone who has just come out of bankruptcy. Though potential landlords might take into account the fact that you had previously filed for bankruptcy, Los Angeles based bankruptcy law firm https://www.recoverylawgroup.com/ informs that there are other factors that are taken into consideration. These include:
- Disposable income
When you get a bankruptcy discharge, the debt to income ratio changes making more disposable income available for you. This is probably the reason why just after bankruptcy discharge you get many new offers for credit cards. Similarly, if potential landlords find there is substantial disposable income at hand, then bankruptcy won’t matter.
- Previous rental history
A good rental history can swing the vote in your favor despite you have filed for bankruptcy. If you always paid your rent on time and never broke your lease agreement previously then bankruptcy might be a deterrent for you.
- Employment history
Your current employment, whether temporary or permanent as well as your employment history, is considered by most landlords when it comes to letting an apartment for rent!
- Reason for a bankruptcy filing
Many times, unforeseen circumstances can lead to people accumulating huge amounts of debts. Divorce, sudden medical expenses, loss of a job, etc. can lead to huge amounts of debts with bankruptcy as the only way out. Telling prospective landlords, the reason for your financial distress might work in your favor, especially if you can assure them that bankruptcy won’t affect your ability to pay the rent.
Your credit report provides an insight into the way you have been handling your finances after your bankruptcy filing. All details regarding your bankruptcy can be assessed through it. Since bankruptcy can play an important role in various aspects of your life, it is important to consider it seriously. Consulting an experienced bankruptcy attorney is advised for a bankruptcy discharge. You can call 888-297-6023 to discuss your case with the best bankruptcy lawyers.