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Renting or buying after Chapter 13 bankruptcy

Financial concerns can weigh heavily one's mind. Many times, filing for Chapter 13 bankruptcy may the solution. Yet, many Kentucky residents fear that this option will interfere with them being able to rent or purchase a home.

While it is true that property owners and managers do look at one's credit report prior to making a rental decision, they are often open to looking beyond just the printed report. Rather than just wait to see what happens, it is often best to address the situation ahead of time. Then, rather than be surprised, the decision maker will be aware of the situation and know the circumstances. Many times, bankruptcy is the result of things beyond the individual's control; this is often an important part of the final decision-making process regarding subsequent credit decisions.

Rather than renting, some individuals and families are concerned about the ability to purchase a home following bankruptcy. Depending upon the situation, it may be possible to obtain a mortgage after a 12-month time period. Assuming that the individual has remained current with the bankruptcy payment plan under a Chapter 13 proceeding, and the court has approved the new mortgage, purchasing a home becomes a possibility using an FHA-insured loan.

A place to live is one of life's basic necessities. Fear of losing a home and/or not being able to obtain a place to live can add even more stress to the individual who is already trying to figure out how to make ends meet. While filing for Chapter 13 bankruptcy will have a negative effect upon the Kentucky resident's credit report, it often does not prevent him or her from renting or buying a home.

Source:, "After Chapter 13 Bankruptcy, Can You Still Rent or Buy a Home?", Jeanne Sager, Sept. 19, 2017

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Law Office of Ginger C. Cord, PSC
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Lexington, KY 40507

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