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

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Home  >  Marshalltown  >  Bankruptcy Myths

Marshalltown Bankruptcy Myths

While most people feel like they know what bankruptcy is and understand it, the reality is that this knowledge is based on a mix of reality and myths. Unfortunately, many of these myths about bankruptcy sometimes frighten away those who are looking for financial help to get out of debt, when, in reality, bankruptcy may be a positive option for those in this situation. At Hong Law, PLC, our legal team is dedicated to helping residents of Marshalltown residents better understand the realities of bankruptcy.

Bankruptcy Myths and Truths

Many people misunderstand the bankruptcy process because of various myths circulating about it. Make sure you are not misinformed about bankruptcy by understanding the following myths:

MYTH: Bankruptcy can eradicate all financial security.
TRUTH: Actually, bankruptcy can be the first essential step toward paying off your debt and eventually becoming financially independent once more. In the long run, this can help you rebuild your financial history.

MYTH: If I file for bankruptcy, it will hurt my spouse’s credit.
TRUTH: In some cases, you can actually file for bankruptcy separately from your spouse, so his or her finances and credit need not be affected at all.

MYTH: Filing for bankruptcy will make me lose everything I have.
TRUTH: Asset liquidation might result in the loss of some assets, but bankruptcy does not strip you of everything that you own. In fact, in some forms of bankruptcy, you can retain possession of assets during the payback period.

As there are a variety of different types of bankruptcy available, it is best to speak with a knowledgeable legal professional about how bankruptcy works and what it can do for you.

Contact a Bankruptcy Attorney in Marshalltown

Marshalltown residents who are facing financial difficulties should not pay attention to the myths of bankruptcy; instead, get in touch with an experienced attorney at Hong Law, PLC, today by calling (319) 294-5853 to learn more about bankruptcy and how it can be a positive solution for you.

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