Just about everyone in the US has been affected by the downturn in the economy caused by the real estate bubble and financial market meltdown. Some of us have been affected much more than others. The ones that have taken the brunt of the punishment are those that got caught with their pants down in a bad mortgage loan and overextended on their credit cards. Some even got the one-two punch of losing their job on top of that. Many of these Americans are no strangers to foreclosure and filing bankruptcy. Over the last four years, a large number of people have fought to keep their homes out of foreclosure by filing bankruptcy only to lose their homes anyways. Everyone keeps saying things are getting better but the statistics are saying different. The only thing keeping most people financially moving is credit has once again loosened up allowing people to kick the can down the road. Recently, it was reported that at the end of September 30, 2012 the number of Americans filing bankruptcy had declined to approximately 1.3 million. This is way down from a record 1.6 million, but still is a huge number. The fed is using this as ammo to show a recovery but when looking at the real facts, unemployment is still at 8% and the indebtedness of Americans is continuing to rise. It appears to me that people are living on their credit cards and that's why the bankruptcy filing numbers have decreased.
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As many Americans are mulling over what to do if the job market doesn't improve, most are living in the here and now robbing Peter to pay Paul. Most people are afraid of filing for bankruptcy because if they lose their house to foreclosure, how will they rent a place to live? This is the dilemma that many people are facing and are trying to avoid the proverbial bankruptcy filing because of the risks. The thing they need to think about is are they going to lose the house to foreclosure anyways and what will happen to them financially if they don't file bankruptcy to eliminate the liability of the legal proceeding? Outside of speaking with a bankruptcy attorney, they need to consider the facts. While it might be harder to find a place to live after the bankruptcy filing, people need to understand they are not alone this has become a common problem all the way across the United States. Some areas are having problems supplying rental homes to the market because so many people have given up their homes to foreclosure or short sales. Just because you lose your house doesn't mean they don't need a place to live. Many landlords see this as opportunity as the price of rentals has been increasing in this economy.
Every landlord in the US knows what happened to the economy and probably were infected themselves.There are factors that they consider when writing to an individual after a bankruptcy filing and/or foreclosure. First of all, the bankruptcy filing has to be discharged as they will not want to rent to someone in the middle of a Chapter 7. Next, they will want to see the credit report of the individual to look closely at the causes and effects of the bankruptcy and foreclosure. Lastly, they want to know that the person can afford it. Are they employed? If they are, how much money do they make and can they afford the rent easily? If a person has been employed for long time at the same job, it shows stability in their life. After filing Chapter 7 bankruptcy, they will know that the person will no longer have any unsecured debts and if they lost their home to foreclosure, they might be debt free or close to it. As long as they are working, it should be no problem renting a property. It's best to be honest with the landlord or property manager and be prepared to explain the situation. In today's economy, people should understand there are millions of Americans in the same situation.
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