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Home  >  Articles  >  Should You File for Bankruptcy?

Should You File for Bankruptcy?

Managing debt is an unfortunate part of many people’s lives in America, whose costs of living or other expenses frequently outweigh their income. Due to the constant presence of debt and the unpredictability of the economy, it is very important to recognize that bankruptcy can actually be a useful tool for regaining financial security in the face of unmanageable debts. Rather than ruining someone’s finances, filing for bankruptcy can provide a plan for paying off debts and giving someone the opportunity to rebuild their credit.

If you are struggling with unmanageable debts, it may be in your best interest to consider filing for bankruptcy. In that case, a Cedar Rapids bankruptcy lawyer of Hong Law, PLC, can advise you about your legal options concerning your current financial situation. Call our office today at (319) 294-5853 for a free case evaluation.

Indicators that You May Want to File

Each individual’s finances will be unique to their situation, with different forms of debt and subsequent pressures. However, there are some general factors that can be applied to many people that should give them an indication that they may want to consider filing for bankruptcy. Several of those indicators are:

  • Falling behind on their payments
  • Inability to meet minimum payment requirements
  • Dealing with foreclosure or asset repossession
  • Facing harassment from demanding creditors

Factors such as these may indicate that you are under increasingly burdensome financial strain and should consider filing for bankruptcy.

Contact Us

If you are being hindered by overwhelming debts, you may be able to begin regaining financial independence by filing for bankruptcy. Contact a Cedar Rapids bankruptcy attorney of Hong Law, PLC, for assistance with determining your current financial situation and advice on the best way to manage your debts. For more information on how we can help you, call our office today at (319) 294-5853.