about : Finance or Renting
Title: What happens if I lose my job and can't pay my rent at an apartment?
What happens if I lose my job and can't pay my rent at an apartment?
Then you're in trouble - that's why you need an emergency savings fund of 3-6 months of expenses - if you are at a job long enough and are not terminated for insubordination, or stealing or something like that, you should get unemployment benefits - nowhere near what you were making, but some income for 6 months max.
I take it that you have no savings or emergency funds to cover an emergency such as being laid off.
Since we have established this fact, you have a few options.
#1. Provide your landlord with a notice you plan to move.(This is your best option as you would only owe one month rent. You would also not have an eviction on your credit or background check)..Stay with friends or family.
#2. Do not tell you landlord and wait until you receive a notice and eventual eviction from your current rental unit.(You would have an eviction on your credit report and background check) This is a civil conviction that would be on your background and credit check for 7-10 years.
#3. Try and work out something with your landlord to pay your rent later. (you would need to find a new job fast and in a hurry for this to work.
One of the options is not paying your rent. Failure of you not to pay your rent would cause your landlord to take you to court and get a judgement against you for non payment of your rent..(You would have another civil conviction on your credit and background check that would remain for 7-10 years)
You would have to decide if you are eligible for unemployment and the amount you are entitled to.This might be the deciding factor in your ability to remain in this rental for a month or two. Of course all other expendable
money would be greatly reduced as you still have other debts you are required to pay, such as utilities, gas for your.car, insurance and food.
To prevent this from happening in the future, it is imperative that you establish a savings account.
I hope this has been of some benefit to you, good luck.
"FIGHT ON"
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