If you have a bankruptcy filed on your record, you may be nervous about looking for a property to rent in Las Vegas or Henderson. Fortunately, it is possible to find a good place to live, even with an imperfect credit score and bankruptcy to your name. There are things you can do to improve your chances of approval and get your life back on track.

Our Henderson and Las Vegas property management team shares everything you need to know about renting a property after filing a bankruptcy in Las Vegas and Henderson, Nevada.

How Does a Las Vegas Bankruptcy Impact Your Ability to Rent?

Whether you file Chapter 7 or Chapter 13 bankruptcy, it can have a significant impact on being able to rent an apartment or home in Las Vegas or Henderson. Many Henderson and Las Vegas rental property owners and landlords are reluctant to rent to tenants who may not be able to pay their rent fully or on time.

However, not all bankruptcies are the same, including the circumstances surrounding the need to file. For example, it may be more difficult to get approval to rent when:

• Your bankruptcy case is still pending
• You are still within the first two (2) years after filing your bankruptcy
• You have a history of not paying bills on time
• You do not have steady proof of income
• You do not have sufficient savings
• You have filed multiple bankruptcies

A landlord may be more open to renting to someone who filed bankruptcy when their case is closed, or the debt is discharged. In fact, they may appreciate that you have a lower debt-to-income ratio after discharging your debt in bankruptcy. However, you will still need to meet other criteria to show that you are a good candidate as most landlords and property management companies look at multiple factors when deciding whether to approve or deny a rental applicant.

RELATED: 8 Landlord Tips for Collecting Rent on Time

Insider Tips to Help Renters After Bankruptcy

Having a bankruptcy on your record does not automatically disqualify you from being able to rent a property in Las Vegas or Henderson. You can still secure a place to live if you are proactive, open with the landlord or property management company, and show that you meet their requirements. Following these tips can help set you up for success.

1. Check the Screening Criteria Before Applying

The first thing you should do is review the tenant screening criteria and gauge how your bankruptcy might affect your chances. While most landlords and property management companies run a credit check as part of their screening process, not all require applicants to have an impeccable credit score.

Some landlords put more emphasis on your employment status, the ability to prove your income, or other factors that show you are a qualified candidate. In some cases, they explicitly say that applicants do not need a good credit history to rent their property. If you recently filed for bankruptcy, finding a rental property like this, or a property management company with a history of renting to people with a bankruptcy, may be a good place to start.

2. Have a Qualified Cosigner

Another thing you can do to find a place to rent is to have a cosigner. A cosigner on a lease agreement is legally responsible for paying the rent if the tenant fails to do so. This way, landlords have more financial security should something happen that prevents the tenant from making the payment.

Consider asking a trusted family member or close friend with good credit if they are open to helping you. Make sure the cosigner is also a Nevada resident as this is a requirement in the state. Provide them with details about your job and financial situation to demonstrate how you plan to pay your bills each month. While having a backup is beneficial, it is important not to depend on your cosigner.

3. Have Your Proof of Income and Employment Ready

With a bankruptcy on your record, you must have other ways to show your financial ability to cover rent payments and not fall behind on payments. To do this, have at least two months of paystubs on file to verify your income and employment. If you do not have pay stubs from your job, the landlord may also accept:

• Bank statements with regular deposits
• W2 form, 1099 form, or previous tax returns
• Documents from your job confirming your employment
• Other types of financial statements

The more income consistency you show, the more reliable you appear. This may give the landlord enough to overlook the bankruptcy and trust that you can pay the rent consistently and on time.

4. Show That You Have a Strong Rental History

If you have a good relationship with previous landlords or a property management company, ask if you can use them as a reference or if they are comfortable being contacted about your rental history. They can put in a good word about your rent payments, respect for the rental property and neighbors, and other factors that could sway the new landlord’s decision.

5. Be Prepared to Pay a Higher Security Deposit

Because bankruptcy can make you more of a financial risk to landlords, they may only be willing to rent to you if you pay a higher security deposit. Even if they do not require it, and you have the ability to do so, you can offer to pay a larger deposit of several months’ rent to offset any concerns.

6. Be Open About Your Situation

Another way to gain the landlord’s trust and improve the likelihood of approval for a rental property is to be transparent. When applying for a lease, explain your position and be honest about the bankruptcy. Sharing these details can shed some light on what led to the bankruptcy, helping the landlord understand your situation.

Although this may not work with every landlord, honesty is always better than trying to hide the bankruptcy or using unlawful practices to present yourself as someone you are not.

7. Continue to Improve Your Credit

With the bankruptcy behind you, your new focus should be staying on top of your finances to improve your credit score. You can do this by:

• Paying rent and bills on time
• Not taking on more debt
• Keeping a steady job
• Setting your financial goals and sticking to them

As your credit improves, the bankruptcy will hold less and less weight when applying for a lease. Landlords want to see improvements and consistency before considering you a qualified candidate.

RELATED: What Landlords Need to Know About Tenant Credit Scores

Can Las Vegas Landlords Rent to Applicants with a Bankruptcy?

There are no laws that prohibit landlords from renting to tenants with a bankruptcy on their record. However, landlords must be careful when screening tenants to ensure they have the means to cover their financial responsibilities.

For decades, the Black & Cherry property management team have helped landlords in Henderson and Las Vegas maximize their investments. We can assist with the tenant screening process, rent collection, digital marketing of your rental property, tenant communications, and more! Contact us to schedule a consultation and learn about our property management services.