Many people in Jacksonville, Florida rent their home residences, which is why so many of my clients ask me “how will filing Bankruptcy affect being a renter?” It seems no matter where you are in Jacksonville, Florida you cannot help but notice all of the rental complexes as well as the many new apartment and condo complexes constantly being built. There is no question about it. Jacksonville, Florida has a huge renters market. That is why it is so important to understand how filing bankruptcy will affect being a renter in such a huge rental market.
First, you will be very surprised to learn that bankruptcy most likely will not have the devastating impact on your ability to be a renter as you might expect. Of course, everyone’s specific situation is going to differ. But as long as you had a good rental history prior to filing bankruptcy, have a steady job, and make sure you do not make the same mistakes that led you into bankruptcy, you should be perfectly fine. Albeit, you might be required to make a larger security deposit or jump through a few more hoops. And the longer it has been between the time you filed bankruptcy and when you apply for a new rental agreement, the less of an affect filing bankruptcy will have on being a renter. Below are several factors potential landlords might take into account:
- Rental history: As already mentioned, your rental history prior to filing bankruptcy is a huge consideration as well as your rental history after bankruptcy.
- When you filed bankruptcy and your credit history since. Just like in every other aspect of life, everyone makes mistakes. The important thing is that you learn from those mistakes and do not repeat them. That is why having a good credit history after bankruptcy is so important. It will show a potential landlord that although you filed bankruptcy at some point in your life, you took steps to ensure that would not happen again and can manage your finances perfectly fine.
- Income. Your income is another important aspect that a potential landlord will take into account. Having a large income is not nearly as important as having a history of a steady income as well as a history of paying your bills on time.
- Disposable Income: Your disposable income, the income you have left over after you pay all your monthly bills (including all minimum debt payments), is also significant.
- Why you filed Bankruptcy. If it has not been long since you filed bankruptcy, a potential landlord might even take into account why you filed bankruptcy. As already stated, everyone makes mistakes. What you do with those mistakes is what is important. Also, many people fall into bankruptcy out of no mistake of their own. Many of my clients were forced into bankruptcy when the market crashed and many long-time jobs were lost.
Just like how filing Bankruptcy will affect being a renter in Jacksonville, Florida in a much less devastating way than expected, bankruptcy will most likely not have an overwhelming devastating impact on many other aspects of your life as well. Of course, filing bankruptcy will touch just about every aspect of your life in some way, but it will hopefully be in a way that gives you a fresh start towards a much brighter future. Contact the Law Office of David M. Goldman, PLLC to discuss whether filing bankruptcy is your best option.