How does a person who has gone bankrupt get an apartment or a loan?
I was wondering this because(no i am not going bankrupt) it seems that good credit is vital to obtain anything, even a place to live. i think it’s ridiculous. people who have gone bankrupt need a place to live to, and a car to drive. How do they get an apartment in thier circumstances? and how do people with poor credit get one? live on the streets? It seems very unfair.
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Well, would YOu rent to someone who had gone bankrupt and were evicted from their last home ?
Landlords need to be assured that they will collect their rents . A person who has just gone thru bankruptcy is not a good risk ….
The best they can usually do is to go to government assisted housing complexes etc … or not too good of a neighborhood .
What is unfair is for people to run up large ammounts of credit and file bankruptcy to get out of it …. Then the credit companies etc raise their prices and those who DO pay their bill get charged higher prices …..
they move into a cheap motel or rent a room in someone’s house. they get car title loans. where there’s a will, there’s a way!
Some live with parents or friends. Some team up with another person and get a place based on the other persons credit (and split the rent). Some can get a place if the bankruptcy was a few years ago and they maybe put up two months seurity deposit instead of one. Yes it makes things very tough but you do what you must.
Have cash — at least 3 months’ rent — to pay first, last & security. Have a job and letter of reference from the employer. Find a room or small apartment in someone’s home where they do not do extensive credit checks and will accept someone with a job and employer reference.
"Unfair"? Someone who blows their income & credit needs to be fair to a landlord who is willing & able to provide housing to people who can’t afford to buy.