Bankruptcy is one of the most difficult financial decisions that anyone will have to make in their lifetime. By the time a person files for bankruptcy every other option should be exhausted. There are many repercussions to filing bankruptcy that can follow a person around for years afterwards. When a person goes to get another loan or even get another job, a past bankruptcy can hurt their chances. Working with thousands of clients over the years, Jed Shaw knows that there are many options out there besides just filing for bankruptcy.
What Is Bankruptcy?
Before asking the question does bankruptcy impact your career, a person should have a firm grasp on what it actually means. When a person can no longer pay their bills, there are several options that a person can take on in order to help with the situation. Many people feel like bankruptcy is the best option in a case where it is difficult to pay their bills. However, this is a short term solution that can have long term impacts on a person’s finances. At the end of the day, it is important for a person to think about the long term effects rather than a short term solution.
Financial Advice
The question does bankruptcy impact your career should be answered through the lens of financial advice. In order to help prevent a future bankruptcy from occurring, a person needs to be on solid financial footing. Getting on a budget and managing finances correctly can help to prevent a bad debt situation. In order to get financial advice around a bankruptcy, contact Jed Shaw for additional advice on your personal situation call 713-750-9038 to set up an initial consultation. In this initial session, he will be able to walk you through many different avenues of choices that a person has in different financial situations where they cannot pay their bills.
What Are the Effects of Bankruptcy?
There are many negative effects to filing for bankruptcy is this is the biggest reason that it should be avoided at all costs. Filing for bankruptcy can impact your career in both the short and long term. Along with the stigma that comes with filing for bankruptcy, it can be difficult to land another job at a different company when they run a credit check. In addition, the financial consequences of filing for bankruptcy last for decades after the fact. It will be much more difficult than it normally would to ever get a loan again, just because banks always look at past borrowing history when determining whether to lend out the money.
Final Thoughts
Overall, bankruptcy is a terrible thing to go through and should be avoided at all costs. There are many different effects from this, especially with your career. At the end of the day, Jed Shaw has many years of experience in bankruptcy consultations and is there to help anyone that is looking at filing for bankruptcy.