Two previous property management companies in collections
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So it sounds like you have bad credit in addition to owning $8k (ouch!) to two different landlords, plus you will be unemployed at the time you're looking for a place to rent? And the up-front money will come from your parents?
I don't want to be discouraging, but you wouldn't want to rent from any landlord who would rent to someone in that situation. Just imagine the other people that landlord would rent to...who would then be your neighbors!
Why don't you just move into an extended stay motel until you have a job and several weeks of paystubs? Then you can show the landlord that your finances are looking up and you have stable employment.
Also, with $8,000 owed, you'll probably be sued for those debts (if they're still within the statute of limitations). After obtaining a judgment, the creditors can have your paychecks garnished. Keep that in mind when drawing up a budget, and leave some room to pay what you owe.
Last edited by LOL_Whut; 09-28-2013 at 05:53 PM..
Reason: added statute of limitations qualifier
I would rather rent to you with a fresh Chapter 7, than the bad debt. So, this might be the way to go for you. Since your folks are willing to help you pay rent, maybe they'll help you with the Chapter 7 cost.
You may have the best luck looking for a room to rent. If you are a subtenant, the agreement is just between you and the roommate, and you're not on the lease.
Another thought - I don't require as much from full-time students as far as proof of income, for instance. What about signing up for college? You can get student loans that will build up your credit again. Just don't default on them. They're really low interest, and a great way to get good credit. Even while they are in deferment, they show as good credit "paid as agreed."
So, I say, sign up for college and student loans, find a cheap bankruptcy attorney, look for a room to rent. You may not be able to actually start school until winter quarter now, so you can also look for a job in-between, until school starts.
Just a thought. Maybe you already have your education.
Like I said, I'll just go the Chapter 7 route. I recently had to deal with a $6,000 medical bill on top of that $8k I owe. Take some of the unsecured credit cards. The only payment I stay on top of is my car loan; but I need transportation for work. Especially with where I live right now in the hills of Western MA, USA. I'm not really concerned about getting sued. If landlord's won't rent anyway, I may as well file. I was told to try to find a place to stay prior to filing, but that doesn't make sense and seems shady. Can't they have a clause to evict you if you file for bankruptcy even if you still plan on paying them rent, usually?
The extended stay seems like the best option. What do you do about mail, though? My thought was a P.O. Box.
I had a bad couple of years that really screwed up my credit/renting credentials. It's on me, but I still want the opportunity to fix it.
I would rather rent to you with a fresh Chapter 7, than the bad debt. So, this might be the way to go for you. Since your folks are willing to help you pay rent, maybe they'll help you with the Chapter 7 cost.
You may have the best luck looking for a room to rent. If you are a subtenant, the agreement is just between you and the roommate, and you're not on the lease.
Another thought - I don't require as much from full-time students as far as proof of income, for instance. What about signing up for college? You can get student loans that will build up your credit again. Just don't default on them. They're really low interest, and a great way to get good credit. Even while they are in deferment, they show as good credit "paid as agreed."
So, I say, sign up for college and student loans, find a cheap bankruptcy attorney, look for a room to rent. You may not be able to actually start school until winter quarter now, so you can also look for a job in-between, until school starts.
Just a thought. Maybe you already have your education.
Of course they will, I already ran it by my dad. He was a manager of an accounting department for 25 years, so his money management never really rubbed off. The one thing my parents won't do is pay off my debt as an alternative. I can't blame them for that.
Like I said, I'll just go the Chapter 7 route. I recently had to deal with a $6,000 medical bill on top of that $8k I owe. Take some of the unsecured credit cards. The only payment I stay on top of is my car loan; but I need transportation for work. Especially with where I live right now in the hills of Western MA, USA. I'm not really concerned about getting sued. If landlord's won't rent anyway, I may as well file. I was told to try to find a place to stay prior to filing, but that doesn't make sense and seems shady. Can't they have a clause to evict you if you file for bankruptcy even if you still plan on paying them rent, usually?
The extended stay seems like the best option. What do you do about mail, though? My thought was a P.O. Box.
No, never heard of anything like that. You're not intending to not pay the landlord, so there's nothing shady about looking for a place now. Even if your credit gets dinged a few times by prospective landlords running your credit report, it won't really matter, since you're planning to file bk anyway. You have no obligation to tell the LL you plan to file.
I think you may be thinking of when someone uses credit to buy things or get a cash advance, knowing they intend to file bankruptcy and not pay them back. That's different.
So, go ahead and try and find a place now. If you have no luck, go ahead with the bk, then start looking again.
Landlords are a lot less wary of bankruptcy than they used to be before the giant housing crash. Used to be a deal breaker, but not anymore. For me, anyway, I'd rather rent to someone who can't file bankruptcy on me anytime soon. If you've got bad credit now, it's more of a gamble that I could end up named in the bankruptcy, than to rent to you if you have a fresh bankruptcy. You're more likely to want to keep your good credit once you have a fresh slate, so it's less of a gamble to me.
I stayed at an extended stay when I first moved to this area for a month or so. They're expensive, but everything is included. I told prospective employers that I was staying there, it wasn't a problem. They let me use their fax machine. It had free internet. I also got a mailbox at one of those mailbox etc., places.
I spent a few days in an extended stay hotel last summer - it would be perfect for a single person. It had a kitchen with plenty of cabinets, cooking utensils, pans, dishes, drinking glasses and flatware. The bathroom was decent. There was a table that I used as a desk and a surprising amount of closet space.
Frankly, it was nicer than the studio apartment I had in my 20's! Plus you don't need any furniture to move in. That would save a lot of money right there. It wasn't cheap, but utilities are included, as well as maid service and ample parking.
How did you get $8200 behind? Were you charged for damaging the properties?
The thread is over a year old.
The OP explained somewhat in Post #9.
The OP hasn't posted on CD for over a year so any further answer may not be forthcoming.
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