Overview
Bankruptcy is one of the most difficult financial decisions that anyone will have to make in their lifetime. Not only are there financial consequences of filing for bankruptcy but there are emotional ones as well. Many times, people feel guilt or shame for many years after filing for bankruptcy even if it was a difficult choice. To top it off, bankruptcy lawyer fees are extremely high and are yet another reason that bankruptcy should be avoided at all costs. There are experts like Jed Shaw that want to walk you through the bankruptcy process and look to find other solutions to meet your needs.
What is Bankruptcy
Many people wonder exactly what bankruptcy is and the process that occurs when a person files. There are actually two different types of bankruptcy, chapter 13 and chapter 7. One of the options completely absolves anyone of their assets and debt, and the other is more like a long-term payment plan. In both options, a person is legally saying that they can no longer pay their bills and are seeking help. There are financial consequences in the form of a credit hit and other things when a person decides to file either one.
Other Solutions
The good news is that there are many other solutions that people can take on if they are in a financial pinch and are thinking about bankruptcy. If you are thinking about going through the process, Jed Shaw is here to help you walk through everything. Although Jed Shaw is a bankruptcy attorney, many times he actually advises that a person does not file for bankruptcy. There are many things that are hurt in the long term by filing for bankruptcy and a person should consider these things before filing. The bankruptcy fees alone are several thousand dollars, and many people in a financial situation would be better off going in another direction. In addition, many times people can settle their debts with their lenders for less than what they originally owed. Especially with debt that is not secured, such as credit card debt, some companies will settle for ten or twenty percent of the original amount. At the end of the day, other options should be explored deeply before deciding to file for bankruptcy and paying for the bankruptcy lawyer fees.
Final Thoughts
If you are thinking about filing for bankruptcy, there are other options out there for you. Jed Shaw is there to walk you through every step of the process and will offer advice on how to avoid filing for bankruptcy. If this describes your situation, contact Jed Shaw for additional advice at 713-750-9038 to get the process started. There are thousands of other people in your situation that are having financial issues and are thinking about filing for bankruptcy. There are many long-term issues for a short term solution, and if a person does not work to change their financial habits they will find themselves in the same situation in several years.