Will I Be Able to Rent a Philadelphia Apartment After Bankruptcy?
Bankruptcy can often mean downsizing your life. That may mean giving up a house or moving to a less expensive apartment.
Rental rates are going up in Philadelphia, and apartments can be competitive. It’s smart to look ahead and wonder whether you’ll be able to secure the housing you need in the future before choosing to file bankruptcy today.
Fortunately, filing bankruptcy can even help you get an apartment.
Filing bankruptcy increases your credit score.
It may be hard to believe, but filing bankruptcy usually helps your credit score.
This is because you may have a very high debt to income ratio, or a vast array of collection items, each dragging your score down by many points.
When you file for bankruptcy all of those items go away and become resolved. You’re left with a clean slate. Your score may go up by as many as 50 points immediately. In addition, potential landlords may see that you do not have many obligations, which means you’re more likely to be able to pay your rent.
There are bankruptcy-friendly apartments all over Philadelphia.
After the 2008 housing crash enough people had filed for bankruptcy that few landlords were willing to hold it against them. This attitude has largely persisted among Philadelphia landlords.
There are quite a few bankruptcy-friendly apartment complexes in the city. Some don’t check credit scores at all. Some do, but are still open to bad-credit renters. You can also secure the help of Philadelphia apartment finders who know the area and know exactly who might be willing to work with you.
You may need a larger deposit.
This reassurance does come with the caveat that many apartments will require larger deposits in order to work with you. It’s a good idea to call around so you can find out what they’ll want from you, and to save up.
Fortunately, avoiding monthly payments from credit cards and other collectors should help you get the money you need to start your new, downsized life. You should also experience less stress as a result.
Is bankruptcy right for you?
You can call us for a free consultation to find out! We’ll look at your unique financial situation and will help you decide whether bankruptcy relief is your best choice.
Your appointment with us is a no-obligation session where you can ask all of your questions and get legal advice. Call us today to schedule yours.