Midtown West Bankruptcy Attorney

Like many neighborhoods in New York City Midtown West is convenient, but expensive.  Great restaurants and access to the subway may cost you over $5,000 for an average two bedroom apartment in Midtown West.  If you are faced with a medical crisis, job loss or other financial misfortune paying for rent can become extremely difficult.  Add in your toxic credit card debts, personal loans or tax liabilities and you could be in real trouble.  In fact many consumers leave Midtown West or even New York City altogether when the money gets tight.  But if you are in deep financial distress you may be better served by staying in your apartment and filing bankruptcy then by moving away from the City.  Bankruptcy is not for everyone in debt, but if you are already thinking about it then remember that your expensive living costs in New York City will actually help you pass the bankruptcy means test.

The means test was created in 2005 to prevent high income earners from abusing the bankruptcy system.  It is a formula that calculates a debtor’s income and monthly expenses and restricts higher income earners from filing Chapter 7 when they could repay a portion of their unsecured debts with Chapter 13 instead.  However, you don’t have to be flat broke to qualify for Chapter 7, and an expensive apartment in New York City can actually help you qualify for bankruptcy by reducing your disposable monthly income.  The best thing to do before moving from your apartment is to speak to a bankruptcy attorney about your options.  It’s not a guessing game.  You will either qualify or you won’t, and your bankruptcy attorney will know the likely outcome of your case before filing.  Bankruptcy is intended to give people a fresh start on their finances and on their life in general.  Despite the stigma associated, many people have been helped tremendously through the bankruptcy in New York City.

There are some consequences to any bankruptcy case, but for our clients they are almost always outweighed by the benefits of their Chapter 7 discharge.  Our clients always keep their homes, cars and valuable possessions in the bankruptcy process.  If you live in Midtown West get the facts for yourself from an experienced attorney skilled in helping debtors in New York City.   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, and are right in Midtown.

**** 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.