Basic Facts and Figures About Bankruptcy – Action Potential

Are you in excessive debt? Do you consider declaring bankruptcy? You’re not alone. According to Statista study, in 2022, there were 370685 cases of bankruptcy for individuals filed across the country. Although declaring bankruptcy may help those in need, it can also be a daunting process with no bankruptcy lawyer who is an expert. You should be armed with knowledge. This includes understanding bankruptcy , and filling out a bankruptcy form. Before taking the next step you might be wondering what you need to tell creditors you are declaring bankruptcy?

It is essential to weigh your options in making the difficult decision. Be aware of what the consequences could be of not telling creditors about your bankruptcy plans before you decide to take any action. According to a Federal Reserve Bank of Philadelphia study, those who informed their creditors of their intention to file bankruptcy were rewarded with a lower payoff rate in comparison to those who had not disclosed their plans. Are I required to inform my creditors that I’m going through bankruptcy? Don’t fret. Read the following infographics and figures about bankruptcy to find out more.

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