Filing for Bankruptcy | Vivix Credit Solutions

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Filing for Bankruptcy

Posted by Vivix Credit Solutions | Categories: Credit Repair, Credit Report, Credit Score, Fair Credit Reporting Act, Vivix Credit Solutions | Tags: FCRA, free consultation, FTC

Vivix Credit Solutions Shares 5 Options To Try Before Filing For Bankruptcy

At one point or the other every individual experiences a financial crisis of some sort. Over time, there has been an increase in bankruptcy because of the world economic downturn. A lot of us have enjoyed the credit trust bestowed on us from several credit card companies, but as the world’s financial climate has changed many have come to the realization that they are in over their heads.

Ideally, bankruptcy filing should be a last resort. So many may ask, when can I file for BK? The best advice is to file when all avenues of debt resolution have been explored like negotiating with your credit card company, mortgage lenders, and your car company.

Before you file for bankruptcy, you might need to consider consumer credit counselor, balance transfers, debt consolidation. You also need to tap into your investments and savings.

Before filing for bankruptcy, consider the following options

Credit card Options

Discuss with your mortgage or any other of your credit lenders to see if you can access any of these services.

• Reduction in interest and probably payments.

• Change in payment dates.

• Payment suspension until you are able to catch up.

• Qualifying for hardship program.

Car Options

Before your car premium accumulates high interest, approach your bank for any of the following;

• Refinance of the car for a possible lower interest rate and payment.

• Participate in hardship programs.

• Movement of late payments to the end of the loan term.

Home options

Before filing for bankruptcy, see if you can;

• Get reduction on your payments or have the payment suspended.

• Refinance

• Sell the home

• Access help from local agencies

Student loan option

The student loan cannot be suspended in bankruptcy; you might need to visit student loan center and talk with a representative to see if you can:

• Access forbearance.

• Get a deferment.

• Qualify for any income sensitive program.

Credit counseling options

Credit consumer counselors are organizations that can offer help to financially distressed consumers. See a credit consumer counselor and they can help you achieve the following;

• Resolve your financial issues.

• Provide you with education on credit.

• Assist you with a plan.

• Assist you with a budget.

• Talk and negotiate with creditors on your behalf.

• Reduction in your interest and removal of late fees.

• Assist you in setting up a payment structure.

Call Now to Speak to one of our Credit Experts 702-434-4414