lone. Based on Statista study, in 2022 there were 370685 cases of personal bankruptcy that were filed throughout the US. Although declaring bankruptcy may provide the financially struggling some relief, as well as a fresh start, doing so without the guidance of skilled bankruptcy lawyers at law could become stressful. Make sure you have all the necessary information. This means understanding bankruptcy and filling out a bankruptcy worksheet. Some people wonder if creditors should be informed that the bankruptcy filing is imminent before making any decisions.

Consider your options in making such an difficult decision. Be aware of your potential consequences of telling creditors about your bankruptcy plan prior to taking action. Based on the results of a Federal Reserve Bank of Philadelphia study, people who informed their creditors about their intention to file bankruptcy were rewarded with a lower payoff rate in comparison to those who had not disclosed their bankruptcy plans. Do I have to notify my creditors that I’m declaring bankruptcy? Don’t fret. Read the following infographics and figures concerning bankruptcy for more information.

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