What is the full effect of having a bankruptcy and my record?

I am a landlord and in our case, we require our tenants to have no bankruptcy for at least 5 years back and with everything current – no previous obligations or anything. Yeah, we’re strict but we need to protect our business.

When filing for a bankruptcy, you have the option to end your lease agreement, right? But I would suggest you don’t do that. Instead, stay in the apartment, pay your rent on time, build up your credit and wait until the bankruptcy falls off your record.

It is very hard to rent after a bankruptcy but that doesn’t mean it’s impossible to have landlord that would take you in. You just have to be very patient and brave enough to face rejections from like 8 out of 10 landlords. Once you’ve found a place, it is best begin re-establishing a good financial history. Pay your rent on time and do good. Soon your bankruptcy will fall off the record and you should be free to choose the best apartments within your timeframe.

Be ready to have money on hand because you are likely to pay more for the deposit. That’s based on my experience. I was even lucky that my landlord didn’t do automated decisioning. Instead, they gather all the records and then they talk to tenants to see if it’s worth the try. However, you will be on a month-to-month basis until your landlords are confident that you are ready to be given the 1-year lease agreement.

In Florida, getting a nice apartment after filing for a bankruptcy will be near impossible. Landlords would not let you in so you would have to settle with the last options on the list. And believe me, these are not the places that you would want to live in. I had to spend days just scrubbing the floors, and making sure that everything was spotless. Well, guess what, my landlord still thought the place looked dirty and withheld my deposit. The reason he could do that was because he knew I have bad credit and not so many places would take me in. He has made it very difficult for me to move out.

As a landlord, I don’t rent to anyone who has bankruptcy on their record. Yeah, sure, it may not be their fault why the bankruptcy happened. Things happen and that’s something that you cannot contest. But I’m running a business and I cannot afford to risk on someone who has a bad credit history.

Yep, bankruptcy really hurts in Florida. Leave the state and you might get a better deal.

I know it’s wrong to judge a person because of credit history but an investment is an investment and it has to be protected. Landlords rely on your rent to pay for the costs of keeping their property, paying the mortgage and even bringing food for their family. So you can’t really blame them if they need to be careful and selective about who they rent to.

This only goes to show that you really have to be careful with how you deal with your finances. If you can’t take the system, move out of country!

A landlord creates the rules and requirements as to who can rent their apartment. You, as a tenant, need to make sure that you fit the requirements before you even envision yourself to be living there. A good place needs good credit. If you don’t have one, you just have to wait until the bankruptcy falls of your credit score. Meanwhile, good luck with your neighbors and not-so-nice apartment complex.