Hell’s Kitchen Bankruptcy Attorney
Many people getting their start or following their dreams in New York City have lived in Hell’s Kitchen at one time or another. Aspiring actors, artists and students alike can find themselves sharing a small one bedroom or even studio apartment in order to make ends meet. Not everybody in this situation is struggling financially, but if you are sharing a studio with a couple of roommates it’s possible your situation is going south. If you are having trouble making your ends meet already and have creditors breathing down your neck then it’s time to get the free advice of a qualified bankruptcy attorney. People in Hell’s Kitchen have great results in bankruptcy largely because of the high price they’re paying to live there.
If you’re lucky you’ll find a great rent stabilized apartment for as little as $600, but most rent stabilized tenants are quite happy to stay put for this price so these apartments are rare in Hell’s Kitchen. If you’re like most people you’ll be spending upwards of $3,000 per month for a normal studio or one bedroom, and up to $4,500 for a one bedroom in a more desirable building. At these prices most people struggling to pay their bills will pack in as many roommates as possible into even the tiniest of apartments. We’ve even seen some college age clients in Hell’s Kitchen sharing a studio with 3 people; two guys in the living room and one guy practically living in the kitchen.
On the one hand it’s a pain to live in a cramped apartment on top of a couple of roommates, but on the other hand living in this situation could help you pass the bankruptcy means test which will guarantee you a fresh start on your finances and the elimination of your bad debt. The bankruptcy means test doesn’t care if you have roommates, it assumes the person filing is responsible for the entire rent amount and presumes a rent of $3,000 for filers living in Hell’s Kitchen. This means that you may deduct ar$3,000 for rent in your means test calculations even if your rent were only $600. Other living expenses in Hell’s Kitchen are also relatively high, so passing the means test is easier for people living here than almost anywhere in the country.
Another thing to think about for tenants that are lucky enough to have a rent stabilized lease in Hell’s Kitchen is these leases for some bankruptcy trustees are now being considered assets that could be sold to satisfy your creditors by some. If you think you need bankruptcy protection but have a rent stabilized apartment lease it’s very important to work with an attorney familiar with this issue.
There are better ways to get back on your feet and to your financial goals then sharing a tiny apartment. If you are underwater on your bills, and sharing an apartment in Hell’s Kitchen already think about exploring your rights as a debtor. In New York City you are guaranteed a fresh start. 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 Hell’s Kitchen, West Midtown or the greater New York City area and have questions about how bankruptcy can help 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. Prior results do not guarantee a similar result for future clients.