Filing for bankruptcy is a significant financial decision many face. Bankruptcy laws are complex, and some will have a more significant impact than others. However, filing for bankruptcy is surprisingly common. According to Reuters, bankruptcy filings in the U.S. climbed by 18% in 2023. Speaking with bankruptcy lawyers is essential during this time. Make sure you ask them these four questions, so you're well informed.

1. What Kind of Impact Can I Expect?

There are various types of bankruptcies that you can file. Fortunately, bankruptcy solutions exist for both consumers and businesses. These filings will stop most creditors from moving forward with any collection activities.

2. What Are the Different Types of Bankruptcy?

There are various types of bankruptcies available. Chapters 7, 11, and 13 are all used for different things. The type of bankruptcy you file will depend on whether you are a corporation or an individual. Ask bankruptcy lawyers to explain the various kinds of bankruptcies, which ones you can use, and how they will impact your life. Understanding filing for bankruptcy is essential to decide if it's the right choice for you.

3. How Will Bankruptcy Impact My Future?

Filing for bankruptcy may temporarily impact your financial future as an individual. Attorneys with years of experience can tell you what to expect in the future. Please speak with a lawyer about your finances, goals, and how filing for bankruptcy will impact them. There are numerous ways to cease collection actions and even improve your credit score.

4. What Can I Expect in Terms of Debt Relief?

Many people and companies file for bankruptcy because they are experiencing financial issues that they are unable to resolve on their own. It's essential to review all financial information with an experienced attorney to determine how filing for bankruptcy can help you find the right debt relief.

We understand that the law can be complex, and filing for bankruptcy can be challenging. Our experienced bankruptcy lawyers at the law office of Wendy M. Mead, Attorney are here to work with you every step of the way. Contact us to schedule a free consultation today.