It’s hard to come to terms with the idea that you may not be able to sustain all your financial responsibilities on your own.  The last thing anyone wants to do is file for bankruptcy because of all the ramifications that come along with it.  There has always been a negative connotation associated with the term, which makes so many people extremely uncomfortable at the very mention of the word.  In reality, we are seeing more people than ever going this route because they are simply out of options and they have to do something to recover from their financial crisis.  Vivix Credit Solutions offers a free consultation with one of their credit experts to help people assess their predicament and come up with a plan for solving their challenges and rebuilding their financial future.

Before immediately assuming that filing for bankruptcy is the only way out, there needs to be a thorough evaluation of the situation and all the factors involved.  How much you owe and to whom, your employment situation, property ownership, and a variety of other contributing factors are all pertinent and will impact your course of action.  There are many options available for debt relief, and which option you choose will depend entirely on the scope of the problem.  Once you have all the facts and figures in place you will have a better idea of what to do next.  It may turn out that you aren’t nearly as bad off as you think, so bankruptcy may not be the answer after all.  However, if you have creditors harassing you, have had legal action taken against you, are unemployed or underemployed, are unable to make even minimum payments, or are sacrificing basic needs in order to survive, it is probably time to seek help to get your life back in order, and bankruptcy is probably your best bet.

When going the bankruptcy route there are some basic questions you’ll need to ask before filing.  First question is should you file on your own or hire someone to do it for you?  The answer depends on a couple things – the complexity of your circumstances and how comfortable you feel about doing all the leg-work and follow-up necessary for a successful filing.  Some cases are denied, for a variety of reasons, and need to be re-filed which delays the whole process, costs extra money, and makes a bad situation worse.  Many people find it’s worth the fees to have somebody file for them.

Another question you’ll want to ask is which type of bankruptcy you should file for.  The two most common types are Chapter 7 and Chapter 13 bankruptcy.  Chapter 7 is a more severe procedure.  It’s important to know the rules and laws associated with the various types so you make an informed decision.

You’ll also need to ask what happens after the fact.  Once the paperwork is filed and the judgment made by the court, is your credit ruined forever?  It’s a valid concern for anyone in this predicament.  The good news is bankruptcy doesn’t have to be a permanent mark on your credit record.  Vivix Credit Solutions helps people improve their credit profile and move forward in their financial future.