How Does Bankruptcy Affect My Ability to Rent a House or Apartment in South Carolina?
Bankruptcy does not automatically disqualify you from renting a home or apartment in Florence, especially because landlords have rights if you cannot make rental payments. However, you may realistically have difficulty obtaining quality housing in the years following a bankruptcy settlement.
Whether you’re considering filing for bankruptcy in South Carolina or need help preparing a strong housing application, you can trust the dedicated Florence bankruptcy recovery attorneys at the Reed Law Firm, P.A.
Factors Considered During the Home Rental Process
Every landlord processes rental applications differently and might fairly consider renters with a poor credit history. This depends on several factors, including the following:
Credit Check
Most reputable landlords perform credit checks during the rental application process. You cannot hide bankruptcy, and it will appear on your credit report and reduce your credit score. Some housing conglomerates automatically disqualify renters with recent bankruptcies and below-average credit scores. This is especially true if they have multiple applications for the same home or apartment. You may have a better chance of obtaining housing in Florence if the apartment building has multiple vacancies.
Income
Landlords nearly always perform an income and employment check during the rental application process. This may include verifying your salary to ensure you’ll be able to make and afford rent, insurance, and utilities. If you have a steady job and strong income, especially two incomes, landlords might consider this factor more significant than bankruptcy.
Past Rental History
Some bankruptcy proceedings, such as Chapter 13, indicate both a willingness and ability to pay restructured debts. If you can show a landlord that you never defaulted on rental or mortgage payments, prioritizing housing, the landlord may be more likely to trust you to make timely payments. In some cases, he or she will ask for past rental references.
Time Since Bankruptcy Settlement or Discharge
It can be the most difficult to obtain housing within the first few years after declaring bankruptcy. The impact of a recent bankruptcy on your credit score diminishes after the first two years, and most bankruptcies drop off your credit report after 7 to 10 years.
Advice for Renting in Florence After Bankruptcy
Everyone needs housing, and an experienced bankruptcy recovery lawyer might help you develop a strategy for obtaining quality housing in Florence, S.C., after bankruptcy. You might increase your chances of renting a home or apartment in the following ways:
- Present strong proof of income
- Come with letters of reference from previous landlords
- Consider renting from private owners
- Obtain a co-signer
- Look for apartment buildings with numerous vacancies
- Be upfront about your bankruptcy and credit history
- Live with family or friends for a few years
- Try to save up a large deposit – paying a few months up front might help you qualify
You should also consider obtaining legal help to rebuild your life after bankruptcy. An experienced South Carolina debt relief attorney might work with you to find appropriate housing based on your credit history, obtain federal or state housing benefits, and present a strong case to potential landlords.
Get Help from a Federally Recognized Debt Relief Law Firm in Florence
Rebuilding your life after bankruptcy isn’t always easy, but it is possible with help from the experienced South Carolina bankruptcy lawyers at the Reed Law Firm, P.A. Call our Florence legal professionals to discuss your housing concerns today at (843) 679-0077 or contact us online.
