Chinatown Bankruptcy Attorney in New York City
Chinatown is vibrant, mysterious, exotic and synonymous with New York City itself. Not surprisingly it is also a very expensive part of Manhattan to live. For people living in Chinatown this creates a double edge sword in terms of filing bankruptcy. On the one hand living in Chinatown is so expensive that even with a high paying job you could be on the verge of bankruptcy quickly if your financial situation turns for the worse. But on the other hand, because Chinatown is so expensive it has very favorable means testing calculations for most debtors in the area. If you live in Chinatown now or have recently moved away this means you could qualify for Chapter 7 bankruptcy protection more easily than you could in Queens or Brooklyn. If you are underwater on your bills or even behind on your rent you should consult a bankruptcy attorney before even thinking about moving out of Chinatown, or any apartment for that matter.
In many cases bankruptcy will not only be easier to qualify for in Chinatown than in other places in the City, but it could also help you keep an apartment, or co-op that has become too difficult to afford. If you file Chapter 7 you will discharge toxic debts like credit cards, personal loans and medical bills giving you more money to pay for the bills that matter like your rent and the delicious Dim Sum across the street. Chapter 13 can help you stay in your home by allowing you to directly catch up on any mortgage or rental arrears, and will also eliminate the same toxic debts that would be discharged in a Chapter 7. Every financial situation is different, but if you live in Chinatown or have recently moved from Chinatown due to financial reasons realize you may have an advantage to passing the bankruptcy means test because of the expensive neighborhood in which you live.
Bankruptcy is not a free ride, but it is the best way to get back on your feet after serious financial difficulties. If you live in Chinatown or the greater New York City area and have questions about how bankruptcy can help you or your family please contact the Law Offices of William Waldner online or at 212.244.2882 to arrange a free bankruptcy consultation today. We only practice bankruptcy law and maintain a 99% Chapter 7 bankruptcy discharge record in New York City as of 8/31/16.
**** DISCLAIMER: This article is intended for educational purposes only. By reading no attorney-client relationship has been created. Our current perfect track record for Chapter 7 discharges in New York City does not guarantee we will accept every bankruptcy case nor does it guarantee future cases we do accept will have similar results.