Tips For Finding Rental Housing Options During The Bankruptcy Process

According to recent statistics published by the American Bankruptcy Institute, weekly hotel occupancy rates are continuing to climb across the country based on a four week moving average. This statistic is likely one of the consequences of the fact that many moratoriums that had been protecting people from being kicked out of their homes for nonpayment were recently lifted. Here in Florida, for example, more than 850,000 renters were placed at risk of losing their homes after the state’s eviction moratorium was removed. The reality is that when people are displaced from their homes and are already struggling financially, some are not fortunate enough to have another place to go and end up staying in hotels for a time. And when you are a borrower who is going through the bankruptcy process, figuring out your options for rental housing can be even more daunting.

Understanding the Hard Part – the Application Process

While you may be able to rent an apartment or house after declaring bankruptcy, you should expect this process to come with some challenges. The hardest part will be finding an individual or a company that is willing to rent to you despite being in the middle of the bankruptcy process. Landlords understandably like to know that rent is coming in a timely fashion every month. An applicant who is in the middle of a bankruptcy inherently goes against this concept. While that alone doesn’t mean that no one will be willing to rent to you, it does mean that finding someone may be more difficult, may involve applying to more places, and will likely take some time.

Three Tips to Help You in the Rental Housing Search 

• Prepare to be up front with the apartment complex or rental agency. You should be honest early on about the fact that you filed bankruptcy. Even if you’re embarrassed or thinking it isn’t necessary to disclose this, you should know that this is likely to come out during your pre-rental background check anyway.
• Keep proof of your income and employment status handy. At the end of the day, your landlord wants to make sure you can pay the rent on time each month. A potential landlord may be swayed to give you a chance if you can show up front that you can do that.
• Focus on smaller complexes and rentals owned by individuals. Even if it’s a company, you will likely have better luck the smaller and more local that it is. These kinds of owners are more likely to care about who their renters are as people and may be more willing to accept you even though you filed bankruptcy.

Do You Have Questions About Your Best Housing Options During Your Potential Bankruptcy?

Taking the time to speak with an experienced bankruptcy attorney can help you get back on your feet that much sooner. Turning to the Plantation bankruptcy attorneys at Nowack & Olson, PLLC means that you will have clarification of when and how you should proceed with your bankruptcy. We can alleviate your concerns by answering your questions and offering guidance throughout the entire bankruptcy process. Reach out to us today for a free initial consultation.

Resource:

abi.org/newsroom/chart-of-the-day/weekly-hotel-occupancy-rate-continues-to-climb