Another was humiliated by their bankruptcy (during the recession) and wanted to speak to someone they could explain it to (they were the best tenants).

So, even if it was there at one time, if the person went through credit repair, the bureaus may have been forced to delete it per the FCRA.In fact, did you know: some 70% of bankruptcies on peoples' credit reports are reported inaccurately and, therefore, MUST be deleted?

You pay tons of money, getting in debt, it keeps you the hook forever because you can't file bankruptcy on student debts.

Or they might just file for bankruptcy and not pay anything and create a new HOA.

(Run the numbers for them) If they're in an active bankruptcy that's also a factor.

If you want to avoid some of that, the person needs to do plan their estate.I know very little about German law except what I learned about its old bankruptcy law (which was crazy).

Gutsiest thing I've done is JUMP back into real estate even after losing everything.And I've acquired over 1,000 apartment units ever since.Here's my story (so you see how bad it became and how I rose from it all):Part 1 - https://www.biggerpockets.com/forums/55/topics/690349-from-bankruptcy-to-1-000-units-part-1-thru-the-dark-tunnelPart 2 - https://www.biggerpockets.com/forums/55/topics/692382-from-bankruptcy-to-1-000-units-part-2-rising-from-the-ruinsPart 3 - https://www.biggerpockets.com/forums/48/topics/695243-from-bankruptcy-to-1-000-units-part-3-how-to-build-an-empire

For example pre-foreclosure leads have been around for a long time as foreclosure is an indicator that the property will soon be for sale.Vacant property leads indicate that the owner has already left the property.A newish source is HOA liens which is an indicator that there is a financial issue associated with the property.Unpaid property taxes are a similar source.Bankruptcy records are an interesting lead source as you can see when properties may be losing bankruptcy protection.Several "I buy your house for cash" sites sell leads.There are several others sources but that gives you an idea.So basically you are putting a marketing plan in place and contacting owners at the opportune time.

That plan has never ended in bankruptcy/foreclosure for anyone ever...

I've rented to people with bad credit who I believed would be good tenants and were, a couple who had a medical expense bankruptcy for one.