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Finding A Home To Rent After Bankruptcy In Illinois And Missouri

Life doesn't end after bankruptcy - although you might have heard that it is impossible to rent a house after declaring bankruptcy, that is simply not the case. Although you may have greater difficulty at first, the process will become easier as you reestablish your credit.

Save time while looking for an apartment or house to rent by openly asking the property management company about their criteria for renting. Some property management companies are stricter than others, and some simply want to know the circumstances of your bankruptcy. Still others will simply ask that you provide a larger security deposit, provide references from past landlords, or provide recent pay stubs.

Renting from a private party is another avenue to explore. Unlike property management companies, private parties all differ in what they require from potential renters - with some requiring credit checks and other simply requiring your good word. Renting from private parties also allows you to explain your situation to them - if you had to declare bankruptcy due to medical bills or due to a layoff or bad investment or divorce, explain your story to them if your financial history comes up.

While you should bring up your credit history as soon as possible with property management companies - who rarely deviate from their rental policies - don't bring up your credit history too soon with a private party. Get to know the person, make a good first impression, and then explain that you have had credit issues in the past. Be open and honest.

Also consider looking up local listing services for landlords who welcome tenants with less than ideal credit histories.

Although it is true that some companies and landlords won't consider renting to you after a bankruptcy, a number of others are more than willing to give and your family a second chance. Once you've found a new place to live, be sure to pay your rent on time, follow the rules set forth in your lease, and plan ahead for unexpected financial issues.

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