Reply to Re: Renting Out To Tenant Who Is In Bankruptcy
Re: Renting Out To Tenant Who Is In Bankruptcy
by Tabby on Sunday, June 17, 2012 @13:08
My current renter went through a bankruptcy and foreclosure on their house due to extreme medical debt. Yes sounds risky, but their foreclosure and bankrupt was discharged. That means any new debts are not part of the old bankruptcy and they are on the hook for it. They cannot file another one for 7 years. However that doesn't mean that they won't do it again if they are chronic dead beats......that's what you need to figure out about this guy.
My tenant has paid early every month and has been a very good tenant. They can't buy a house for a long time if ever and they plan to be long term with me - they have renewed for the second year.
Maybe I got lucky with this one.........
Ideas are a larger security deposit and if he is still in the process of the bankruptcy then I would be wary. Here is a good website that talks about the laws and process.