How much does a bankruptcy affect your credit ?

Question

i will need to rent an apartment soon, how will my credit report look and can i expect from potential landlords?

Answer 1

tho i'd never filed, i CAN say that it's 1 thing 2 not have enough $$$ 2 make ends meet, but another 2 simply choose not 2 pay bills.

4 example, i have this friend who's previously had the $$$ 2 pay stuff but simply didn't want 2, & she's a shop-a-holic. now in MY case, i got in over my head, but now that i got 2 many things going i simply didn't have enough $$$ 2 even meet my own needs, or 2 pay all credits all in 1 mo, cuz i'd simply run outta $$$ trying.  

Answer 2

It affects it big time. Depending on the ongoing obligations you have from that bankruptcy, lenders will be somewhat to very  reluctant to lend to you. I would suggest offering the landlord, two months rent up front if he seems reluctant to rent to you.

Answer 3

LOTS, and for 7 years

You made a series of poor choices and will be facing the consequences of your actions and choices for many years now. . . that said, some LL will rent to you, others won't. . .so try your luck

Work on building your credit by paying all bills on time and in full. . .a recent good credit score will offset the bankruptcy for many LLs and show that you aren't repeating your poor decisionmaking that led to bankruptcy

Answer 4

Some landlords will look at the bankruptcy filing and hold it against you, others won't because of the time frame to file again. It really depends on the landlord. Some run credit checks, others don't. The bk filing will be on your credit report for 10 years, so, you may want to review some places that don't do credit checks to rent. My suggestion:...If you do find one that will rent to you, keep a copy of all your payments. I filed last year, and keep all copies of my payments, including water bills I pay and rent receipts. I don't have an apartment, but rent a house and I save everything, should I have to move, I can prove on paper I have made the payments on time. Of course it doesn't show on my credit report, but, I do have a paper trail for payments. Good Luck!

Answer 5

It will be a burden for the next 7 years.  Landlords will not rent to you since you have a past of not paying your bills.  You will need someone to cosign the lease and guarentee to pay the rent.

Answer 6

Have you filed already or will you be doing so soon? If you are considering BK then wither way your credit is probably shot. To specifically answer your question about renting, there is no one answer as different management companies/landlords have different standards.  I am a property manager myself and I do look at credit reports.  If someone has filed within the past year I will not rent to them unless they put someone else on the lease with better credit who will also be responsible for the rent. If someone shows me an application with a BK on it older than a year AND has re-established  a track record of responsible credit handling since then I will usually rent to them with an additional security deposit.  The more time that has passed sine the BK was discharged and the better you can prove you will not repeat your old habits the better chances you have of getting in.