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

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Home  >  Bankruptcy Myths

Bankruptcy Myths

If you are facing crushing debts and dealing with long-term financial burdens, it may be helpful to explore bankruptcy options. Unfortunately, many people do not take advantage of this opportunity because they are under false impressions regarding the bankruptcy process. If you are in need of assistance with your finances, speaking to a knowledgeable bankruptcy lawyer may be a way to better understand what type of options you have and how bankruptcy can help you improve your financial situation and move forward.

Examples of Bankruptcy Myths

The Cedar Rapids bankruptcy attorneys of Hong Law, PLC are prepared to work with you to set up a plan for your future that is catered to your situation. The following bankruptcy myths and facts may give you a better understanding of your rights, our services, and the many ways that bankruptcy can help you with your financial troubles.

MYTH: Bankruptcy is a financial death sentence.

TRUTH: Bankruptcy is an opportunity for a fresh start that you may not be able to get otherwise. When handled correctly, bankruptcy can allow you to restructure your outstanding debts, build a plan to start improving your credit, and possibly discharge some of your current obligations.

MYTH: My bankruptcy will put my spouse’s credit in danger.

TRUTH: If you file for bankruptcy as an individual rather than a couple, your bankruptcy will not affect your spouse. This way, you may not be putting their financial stability at risk by taking control of your outstanding obligations.

MYTH: I’ll lose all my possessions if I file for bankruptcy.

TRUTH: There are many different types of bankruptcy and lots of options for working through your debts. Many of these do not involve liquidation of assets and allow debtors to retain their valuables.

Contact Us

To find out more information about how bankruptcy may be a viable option for you, contact the Cedar Rapids bankruptcy lawyers of Hong Law, PLC at (319) 294-5853.