Lease Cancellation because of Bankruptcy

[Michael Meade]

So I have a unique situation.  I own a rental in Nashville, Tennessee.  An individual from Texas who is moving here has applied, and I approved them.  They had a lower credit score.  So I've obtained July and August rent in advance, and secured a larger deposit than normal.  We've signed a lease, and it begins on July 1, 2018.  I just mailed him the key Monday, and within 3 hours of informing him, he tells that he has declared bankruptcy but would still like to rent the place and intends to pay.  I would like to cancel the lease as this changes his credit worthiness.  He has not yet taken possession, and the lease has not started.  Does anybody know if I'm allowed to simply cancel the lease before it begins and return the deposit/rent?

Michael