Bankruptcy can turn your life upside down. It can change your financial status and even living arrangements. When you are filing for bankruptcy, if your property is not exempted or protected, then you might lose your house too. Now, in a situation like this, you might think how fast you can get to rent an apartment after you file for bankruptcy. Or you might wonder if you actually have to look for an apartment to rent for a completely different reason right after you file for bankruptcy, can you get that? Our experienced Pittsburgh bankruptcy lawyer is here for answering this.Filing for Bankruptcy Eventually Helps Your Credit Score to Increase
You might not believe this, but when you are filing for bankruptcy, it is going to help you increase your credit score. Before filing for bankruptcy, you might have a low income and high debt ratio. You might also have collection items that were probably contributing to your lowering credit score.
When you are filing for bankruptcy, that will help you wipe off your unsecured debts like credit card bills or medical bills to get disposed of. As a result, you will get a clean slate financially. This after some time will boost your credit score higher. Your potential landlords might look at it differently too. They will feel that as you are without any other obligations, you might be able to pay the rent at the right time.Getting Bankruptcy Friendly Apartment
After the infamous 2008 housing crash, there are many renters and tenants filed for bankruptcy. And since then hardly the landlord take it as a bad quality for not offering an apartment.
Also, legally there is no restriction for you to get an apartment either after you file for bankruptcy. So, if you have filed for bankruptcy in any chapter, it is not going to stop you from getting an apartment. There are many apartment complexes in Pennsylvania, that are bankruptcy friendly. The tenants are not looked down upon for their financial situation. Some of the landlords don’t even look for the credit score for renting their apartment. Some of them do, but they remain open to renters with bad credit scores too. So, if you are currently worried that your low credit score and the record of bankruptcy in your credit will affect your apartment hunting for rent, then you are mistaken.You Might Need a Larger Deposit
While there are no legal restrictions for renting an apartment after you file for bankruptcy, the landlords might want to remain on the safer side. And that is why they might ask you to offer a larger deposit before they rent out their apartment to you after knowing your recent bankruptcy case. However, having said that, you are not legally obligated to let your potential landlord know about your bankruptcy filing.
So, if you are looking for an apartment after you file for bankruptcy, better that you start saving up and also connect with our Pittsburgh bankruptcy lawyer at Pittsburgh Bankruptcy Law Group.