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

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Home  >  North Liberty  >  Bankruptcy Myths

North Liberty Bankruptcy Myths

Negative and incorrect bankruptcy myths can deter people from taking advantage of the bankruptcy process when it would actually improve their financial situation. Despite the negative connotations that bankruptcy can have, the North Liberty bankruptcy attorneys at Hong Law, PLC, hope to dispel the myths in order to help people understand the benefits that bankruptcy can provide. We are equipped to handle an array of bankruptcy cases in a manner that will best suit our clients.

Common Bankruptcy Myths

The North Liberty bankruptcy lawyers at Hong Law, PLC, know how important bankruptcy can be in helping people begin to build toward a stronger financial future. Our experienced attorneys understand that all situations are unique, and we are prepared to work with the unique specifics of our clients’ situations. The following list should help clarify what is myth and what is fact regarding bankruptcy:

  • MYTH: My spouse will suffer from financial ruin if I file for bankruptcy.
  • FACT: Actually you can file completely separately from your spouse, so they don’t have to be affected.
  • MYTH: I will have no financial security if I file.
  • FACT: In fact, since it can help you eliminate debts and forge a plan for the future, bankruptcy can be the pathway to such security.
  • MYTH: I will lose all that I own when I file for bankruptcy.
  • FACT: Many people are able to keep possessions when they file for bankruptcy, especially under Chapter 13 plans.

Contact a Bankruptcy Attorney in North Liberty

Knowing the difference between fact and fiction is important when you’re considering the bankruptcy process. The bankruptcy attorneys of Hong Law, PLC, can help North Liberty residents understand if bankruptcy is a good option for them. Contact our offices today by calling (319) 294-5853.

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