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Home  >  Articles  >  Common Bankruptcy Myths You Should Know About

Common Bankruptcy Myths You Should Know About

The bankruptcy process has long been fraught with confusion and misinformation. In fact, many bankruptcy myths persist and confuse debtors to the point that they refuse to consider bankruptcy as a valid option for settling their debts. With better information about bankruptcy, however, it may be possible for Marion debtors to understand how bankruptcy can help with debt settlement and getting back on their financial feet. The attorneys of Hong Law, PLC, know that bankruptcy could benefit many people in Marion who are overwhelmed with debts, and hope to debunk the myths that stigmatize the process.

Common Myths

Below are some common misconceptions about the bankruptcy process:

  • Bankruptcy will ruin my spouse’s finances too
  • Bankruptcy will destroy my credit forever
  • I’ll lose everything if I file for bankruptcy

In fact, you can file separately from your spouse, so your bankruptcy does not affect him or her, bankruptcy does not remain on your credit forever, and there are some forms of bankruptcy that allow you to retain possession of your assets even during the proceedings.

Contact a Bankruptcy Attorney in Marion

Knowing the truth about bankruptcy is the first step toward making a better financial decision for your future. If you or a loved one is struggling with finances but is unsure where to turn for help, the attorneys of Hong Law, PLC, can help you evaluate your options. Contact our offices in Marion today by calling (319) 294-5853, and learn more about how bankruptcy could address your financial problems and help you start anew.

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