Are you struggling with excessive debt and thinking of declaring bankruptcy? You’re not alone. In 2022, there were 370685 personal bankruptcy cases filed countrywide in the United States, according to recent Statista research. While declaring bankruptcy can offer those who are struggling financially much-needed relief and a fresh start, doing so without the assistance of knowledgeable bankruptcy attorneys at law can be overwhelming. It’s crucial to arm oneself with information, which includes comprehending the bankruptcy disposition and filling out a bankruptcy worksheet. Before you take any steps, you may wonder: should you tell creditors you are filing for bankruptcy?
Knowing your alternatives is crucial when making such a difficult decision. Before taking action, you should consider the possible repercussions of telling your creditors about your bankruptcy plans. According to a Federal Reserve Bank of Philadelphia study, debtors who informed their creditors of their intentions to file for bankruptcy received a lower payoff rate than those who didn’t disclose their plans. If you’re wondering, should I tell my creditors I’m filing for bankruptcy? Don’t fret. Check out the following facts and figures about bankruptcy to learn more.
Ever since the American economy took a turn for the worse (almost ten years ago), many homes, businesses, and even cities have dealt with bankruptcy. Deciding to file for bankruptcy can be a very frustrating and difficult decision to make; on one hand, the paperwork and fees can easily become overwhelming, but on the other hand, filing for bankruptcy is often the only sensible option for many Americans who cannot pay off hundreds of thousands of dollars in debt. These are just a few bankruptcy figures that many Americans are dealing with today:
- An estimated 1.1 million households in the U.S. file for bankruptcy each year — and it’s worth noting that this figure only includes homes.
- In each case, the cost of bankruptcy lawyers is usually between $1,200 and $2,500 — and this doesn’t include extra paperwork and processing fees.
- The cost of an average Chapter 13 bankruptcy case in the U.S. is between $1,500 and $3,000, which includes bankruptcy lawyer fees as well as any additional fees.Taking these numbers into consideration, it’s no wonder that filing for bankruptcy is a big decision, and for people who decide that bankruptcy is their only option, it’s imperative to find a bankruptcy attorney who will provide the best services possible.It’s important to remember that not all bankruptcy lawyers are the same, meaning that lawyers tend to have specialties and tend to be more familiar with certain courts and regional areas. Picking a lawyer doesn’t have to be about finding the best lawyer — it’s about finding the right lawyer. Many bankruptcy lawyers are even willing to meet with potential clients so that both parties can assess the situation. Considering that filing for bankruptcy can be costly and time-consuming, it’s important for people to make sure that the process doesn’t become more complicated than necessary. See this link for more: www.rkelawgroup.com Learn more at this link.