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Consumers in Florida who are considering filing for personal bankruptcy might be unsure about the impact it will have on other aspects of their lives. They may wonder whether they will be able to rent or purchase a home. Filing for Chapter 13 bankruptcy typically allows wage earners extra time to pay their debts.

Anyone going through a Chapter 13 bankruptcy may rent or buy a home. It may be a challenging process, but there is nothing to prevent it. Lenders and landlords typically consider an applicant’s credit history, and the bankruptcy filing may play a role in the approval process. Advisors suggest that the applicant write an explanatory letter to accompany the application to rent a property because although millions of consumers file for bankruptcy, every case is unique.

Getting approval for a mortgage might be a bit more challenging. The best option might be to file an application with the Federal Housing Administration. Under the guidelines of the FHA, certain requirements will have to be met to improve the chances of securing a mortgage loan. These will include at least one year operating under the court-approved bankruptcy repayment plan with no late or missed payments, along with written permission to apply for the mortgage by the bankruptcy court.

The services of an experienced bankruptcy attorney in Florida can provide valuable support and guidance throughout the process of Chapter 13 bankruptcy. He or she can explain the requirements for obtaining a rental property or a mortgage. Furthermore, a lawyer can assess the consumer’s circumstances and then suggest the most appropriate course of action.

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