To wrap text around a figure in LaTeX, the \usepackage{wrapfig} is commonly used, but issues may arise if the package is not found, often due to an outdated LaTeX installation. Users are advised to check their LaTeX version and consider updating if necessary. When encountering errors, it's crucial to provide specific error messages or log file details for effective troubleshooting. Problems may also stem from the document's previewer or other packages conflicting with the wrapfig functionality. Ensuring a proper setup and sharing relevant code snippets can help resolve formatting issues with wrapped figures.