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

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Home  >  Practice Areas  >  Personal Bankruptcy  >  Chapter 7  >  Benefits of Chapter 7 Bankruptcy

Benefits of Chapter 7 Bankruptcy

Living under the constantly looming presence of an overwhelming debt load can be very difficult. Being unable to make all the necessary payments to your creditors in a timely manner can further intensify these struggles as it will likely lead to late fees, penalties, and possibly higher interest rates as well. Though the situation can feel hopeless, the reality is that you have options to help you through this challenging time. Filing for Chapter 7 Bankruptcy can help you eliminate many of your debts permanently.

The legal avenues by which you can take the steps necessary to gain a fresh financial start can be confusing. Accordingly, it may be in your best interest to consult with a knowledgeable bankruptcy attorney about your situation. Contact the Cedar Rapids benefits Chapter 7 bankruptcy lawyers of Hong Law, PLC, at (319) 294-5853 to learn more about how we can help you to put this unpleasantness behind you.

Chapter 7 Benefits

A Chapter 7 Bankruptcy case typically lasts three to four months, making it much quicker than other bankruptcy options, which can take up to five years to completely resolve. Other benefits of Chapter 7 bankruptcy include:

  • Almost all unsecured debts, such as credit card debt, personal loans, and medical bills are likely to be eliminated
  • Most people who file for Chapter 7 bankruptcy protection are able to keep all of their assets
  • The bankruptcy filing will immediately put a stop to collection efforts and any contact by your creditors

Contact Us

If you have overwhelming debt that you cannot repay, filing for Chapter 7 bankruptcy may offer you much needed relief. Contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC, by calling (319) 294-5853 today to learn more about the benefits of Chapter 7 bankruptcy.

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