Ch 7 Bankruptcy may be an obvious choice for debtors that have all of their assets exempt and the value of their house well under the mortgage balance. Ch7 would allow the debtor to get rid of the unsecured debts, such as credit cards, and at the same time allow the creditor to get rid of the overpriced house. Yet some choose to file in Ch13, which mandates the debtor to pay a portion of the unsecured debts and to pay the full mortgage price, all for the purpose of keeping their house. One reason persuading debtors to keep their overpriced house is the fear of not being able to rent an apartment or a house after bankruptcy. However this issue can be resolved.
Renting an apartment after bankruptcy may be a challenging task. The first thing you will need to do is to get your credit report. Instead of having each apartment manager making an inquiry of your credit report, which deteriorates the credit score, you will have one credit inquiry which you will provide to them. If the deal goes through, then the apartment manager can check the credit score himself saving the extra inquiries. To make sure that the apartment managers are not checking your credit score, you should not sign any credit application nor give them your social security number. Be honest with them and explain your situation and concern about further damaging your credit score after bankruptcy.
Furthermore, you have better chances with apartment owners instead of large apartment complexes, which have high rigid standards that may require a high credit score. Explain your situation to the apartment owner or the manager and if necessary ask if they can make an exception to their credit score policy or if you can compensate for your credit score with a higher security deposit. You should also be on a look out for apartments that have offers of first month for free, that usually means that they are more desperate and might agree on a lower credit score.
Most importantly remember that there are many people that have been in your shoes and they have found a place to live. Don't allow your fears to push you into the wrong bankruptcy chapter.
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