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Re: bankruptcy! Any danger to apartment lease?

Posted by Sue on February 22, 2001 at 09:14:10:

In Reply to: bankruptcy! Any danger to apartment lease? posted by Ginger on February 20, 2001 at 13:01:20:

: I am a resident in NYC and considering bankruptcy. What impact would filing have on my lease? I have not defalt on rent and do not want to give up my apartment.

Don't panic. Yes - bankruptcy stays on your credit record & can cause some problems in getting new credit. But if you have any credit accounts that are NOT included in the bankruptcy & pay those on time going forward after the bankruptcy as well as utilities and rent - you would be on your way to repairing your credit. Also as another poster stated - with a rent stabilized lease, your landlord cannot refuse to renew your lease for this reason.

That said - before taking the step - have you considered a debt counseling service? They analyse what you owe & try to work out new,lower payments with your creditors that you can afford. You then make one payment/month to the service. Nothing shows up on your credit file. Something to think about. Also remember there are certain obligations which cannot be wiped out by bankruptcy - including taxes and child support.

Good luck with everything

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