Say you want to maximize your chances of renting an apartment from a landlord in 6 months from now, and need to decide between filing for bankruptcy and settling the debts. Your credit score right now is a bit below 500.
Option A: You settle your debts individually with the creditors and pay them in full with a family loan, which you'll repay separately over time. You'll have a low credit score for a while (how long?), but no bankruptcy on your record.
Option B: You file for Chapter 7. Reportedly, in 2 years you'll have a credit score back in 700s, but in 6 months, it'll probably still be in the 500s? Maybe high 500s, maybe low 600s, but you'll have a bankruptcy on your record.
Does anyone know which option landlords typically prefer?
Does it depend on the city? For example, I've heard that New York landlords require way more paperwork than San Jose ones.
Option A: You settle your debts individually with the creditors and pay them in full with a family loan, which you'll repay separately over time. You'll have a low credit score for a while (how long?), but no bankruptcy on your record.
Option B: You file for Chapter 7. Reportedly, in 2 years you'll have a credit score back in 700s, but in 6 months, it'll probably still be in the 500s? Maybe high 500s, maybe low 600s, but you'll have a bankruptcy on your record.
Does anyone know which option landlords typically prefer?
Does it depend on the city? For example, I've heard that New York landlords require way more paperwork than San Jose ones.
Comment