Vivix Credit Solutions  advises all of their clients that filing for bankruptcy should be considered the absolute last option when faced with insurmountable bills, no cash to pay them, and little or no income to enable you to take care of them over time.  Only after you have tried to sell everything that you don’t absolutely need to pay off your debts; after you have tried to negotiate a loan modification on your mortgage or any contract that you are paying out on a monthly basis; only after you have tried to negotiate to sell or even short sell your home should you even consider filing a bankruptcy.

Filing for a bankruptcy is an extremely important decision to make with long-lasting repercussions on not only your credit but your ability to acquire insurance and even utilities.  Any credit you are able to find will be at a very high rate and it will have an effect on finding future employment.  More and more employers are checking credit histories when they check potential hires, and having a bankruptcy on your credit report will not look promising to them.

There are several factors Vivix Credit Solutions urges you to consider before filing bankruptcy.  They include:

Negative Self-Image

Many people develop feelings of having failed at finances or life after they file for bankruptcy.  They begin experiencing feelings of guilt and remorse, and blame themselves for harming not only themselves but the people and institutions who loaned them money.  You have to determine if you are likely to have similar feelings, and if so, is it worth it?  Vivix Credit Solutions reminds you to keep in mind that bankruptcy filings are public records and anybody who wants to do the research can find out if you have ever filed.

Look Out for Your Co-Signers

The last thing you want to do is to damage or ruin the credit of those who were kind enough to co-sign for you.  Go through all of your contracts that were co-signed to find out if they will be negatively affected by your bankruptcy.  This would be a good subject with which to consult with a bankruptcy expert to make sure you are doing the right thing.

Make Certain That Your Pension is Safe

While it’s true that most pension plans and insurance policies are safe from creditors during bankruptcy proceedings, it never hurts to make sure because you don’t want to lose something this valuable.  The same goes for your IRA.  In 2005, the Supreme Court ruled that IRA’s are protected, but what if what you thought was an IRA wasn’t “exactly” an IRA like your financial planner led you to believe?  Vivix credit Solutions suggests that you go back and make sure.

Will All of Your Debts be Wiped Out?

If you abused the privilege of using a credit card by lying on the application or if they can prove you spent beyond your means, the judge may exempt those debts from the bankruptcy.  Then you would have gone through a great deal of trouble, time and expense and still have debt hanging over your head. Professional advice from Vivix Credit Solutions will help ease your mind about catching all of the details that need to be checked.

As stated earlier, it is very important to consult a professional before making your final decision.  Your situation may seem hopeless, but a bankruptcy expert from Vivix Credit Solutions may able to provide you with solutions that could save you a great deal of headache and heartbreak.