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Janet K. Hong and Derek Hong are the founding partners of Hong Law, PLC

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Home  >  Marion  >  Bankruptcy Myths

Marion Bankruptcy Myths

False information about the bankruptcy process misleads many individuals who would otherwise consider this as an option for getting out of debt.  While bankruptcy can help many people who are struggling to make ends meet regularly, some don’t bother to look into this often very beneficial option because of bankruptcy myths that they have heard.  However, by separating these myths from truth, a person may find that bankruptcy is actually a viable financial option for their situation.

Myths v. Truths

When confronted with myths regarding bankruptcy, it might be hard to distinguish the truth from the myth.  However, consider the following comparisons between myths and truths:

Myth:  Bankruptcy will kill your future financial security.

Truth:  In truth, staying in debt is the death of your financial security, and bankruptcy can offer debtors a way to get out of debt without permanently staining their credit.

Myth:  My spouse will also suffer bad credit if I file for bankruptcy.

Truth:  Actually, spouses can file separately from each other when filing for bankruptcy.  Only in joint bankruptcy will a spouse’s filing directly affect the other’s credit.

Myth:  I’ll lose everything when I file for bankruptcy.

Truth:  In fact, bankruptcy sometimes allows people to retain possession of certain belongings while still paying back debts. Different forms of bankruptcy offer different options when it comes to retaining your possessions.

Learning about the realities of bankruptcy can help you make a better financial decision regarding your debt.

Contact Us

If you are facing financial difficulty and want to explore your options regarding bankruptcy, our qualified attorneys at Hong Law, PLC can discuss your situation with you. Call (319) 294-5853 to understand how bankruptcy may be a good option for your financial situation.

Iowa City and Coralville Office Location: 845 Quarry Rd #130
Coralville, IA 52241
Phone: (319) 354-1804
Map to our Coralville Office