Filing Chapter 7 Very Soon

[MoMoney428]

Hello all,

I joined the BK Forum a few weeks ago and I've been lurking ever since . I've learned so much about Bankruptcy just by reading about all of your experiences and I'm very grateful. This is a terrific forum and it's nice to know that I'm not alone.

After my discharge, I'm thinking of selling my condo. A concern I have is where I will live after I sell it. Is it possible to rent an apartment after bankruptcy? I'm sure it will be more challenging but just curious about any of your experiences and how you worked around it.

I will also search the forum to see if my question can be answered but if anyone cares to share their experiences, that would be great!

Thanks in advance!

Beth

[AlmostAmos]

It is totally possible to rent after BK, but you'll have to have $ to put down (1st/last + security deposit). Do NOT try to go with national "landlords" - go with a local person. This question has been asked quite a bit so search. Good luck!

[mom2crazies]

Have you been paying your mortgage?

We actually vacated our house before it was foreclosed on and were honest with the owner. We said that we were being foreclosed on, but that we would be happy to provide proof (such as our credit report showing everything else was always paid on time) if she wanted it. We paid a deposit and first months rent.

I am sure it is easier with local owners, rather than property management companies. So you might want to look for condos or houses instead of apartments. I think as long as you can prove to the owner that you would be reliable, they would be understanding. Just be honest and show them you have nothing to hide .

Also, alot of people renting their houses out on their own are doing so because they are trying to avoid foreclosure or not being able to afford taking the loss on a sale. So, you will probably find more people than you think that will understand your situation.

[BrokeinMD]

Hi Beth - Is your condo currently underwater? Are you still paying a mortgage on it? If the mortgage on it is bogging you down, and you want to rid yourself of it, anyway, you could always surrender it in the BK. If that's the situation, and it were me, I would quit paying the mortgage on it, save the cash for a new place, get the new place, then file. That way you don't have to worry about the BK being an issue. Just my opinion, and throwing it out there for thought...

Also, nice to see another Marylander on the boards! Welcome! Please keep us posted on what you decide to do!

[justbroke]

I was approved by a national management company (one of the top three) within 14 days of my discharge in my Chapter 7. Even though they stated that I must wait a year after discharge, the "other" factors to screen residents proved that I was the least likely to default. I was upfront though about the BK, had prior rental history with this particular company -- albeit from over 6 years prior), and I have had the same job with the same employer for 12 years. Consistency pays.

[MoMoney428]

Thanks for all of your comments.

BrokeinMD - I am a little underwater but not too bad and yes, I am paying my mortgage. I plan on keeping my condo so I will continue to pay on time. I'm not ready to leave yet but your idea certainly isn't a bad one. Right now, I'm tightening the reins and we'll see if can possibly sell the condo down the road. I'm also glad to see another Marylander!

I just contacted my DMP to withdraw from the program. I feel a little nervous because the rep told me that my creditors will receive notice that I'm no longer in the program. I expected that to happen but still nervous. I'm supposed to be filing in the next two weeks so I hope it works out that way. At least, that's what my attorney mentioned. I guess they won't start calling my work and start the process to have my wages garnished so soon. I just want to file so I can have some peace of mind already!

[BrokeinMD]

It will take time for your creditors to get you out of the DMP plan and back to bugging you. I think you'll be fine if you plan to file in two weeks.

Glad to see you're not underwater too badly!

[Looking2Help]

Mo - I don't really have much to offer, the others ahead of me have all made sense and several have been recently helping me tremendously. I'm just another Marylander deep in it too. Funny thing is, my wife and I spent almost two hours this evening looking at what might be available for rent in our area. We've been using the advice from this forum and staying away from the realtors and big agencies. We have yet to get serious, but have been looking for quite sometime, even though we hope to wait as long as possible. I don't think I can post a link yet, but if you simply Google the following you should get the results you need (i.e. availability, price, etc... in your area). I got 286 results for my criteria. It made us happy to know it should’nt be a problem, especially since some great looking homes even addressed BK applicants.

Google Craigs List Homes for rent in Maryland (or whatever). Once you get to the page you can select the criteria at the top left (Price, bedrooms, bath, etc...). Good Luck.