Bankruptcy for Military Members
If you are in the military, our bankruptcy services can help you to improve your financial situation. We offer support to military members and very often, our clients are unaware that they can file bankruptcy in the first place. There is a certain expectation in the military that service members will be financially sound and without any major issues. While in a perfect world this would be the case, many military families struggle just as much, if not more so, than the general population. When having to move from one base to another or pay for family travel expenses, the risk of getting into financial trouble only increases. Fortunately, we can help.
Military Members may file Bankruptcy
It is important to note that there are no legal provisions banning military members from filing for bankruptcy. Regardless of your position, you have legal rights to deal with your debt. The one thing, to keep in mind, is that you do have a judgment or file for bankruptcy it may impact your ability to get a high-security clearance in the future. With that in mind, weigh out how important a security clearance may be while in the service and what you plan on doing afterward. If you know that you will absolutely need a high-security clearance, we should discuss this issue in further detail while planning for the financial solution that will be right for you.
Service Members Civil Relief Act
As a military member, you are allowed to file bankruptcy and get the help that you need. You may get additional assistance under the Service Members Civil Relief Act. This law was passed in order to protect military members from facing financial hardship while on active duty and deployment. It prevents things like foreclosure hearings from taking place. It can also prevent wage garnishments. If you are a disabled veteran or were on active duty in the National Guard, you may also qualify to skip the means test when filing a Chapter 7. This is a qualifications test that most people have to take in order to have their Chapter 7 bankruptcy approved. Being able to skip it puts you one step closer to wiping out your debts. We can go over this when discussing our bankruptcy services in order to determine what the chance is of you receiving the wavier.
Filing bankruptcy is a major financial decision and because of that we ask our patients how it will benefit them. Don’t ever file because it seems like a good idea. You should file because you need financial relief. We understand the stress that it must cause to have a mountain of bills piling up while being deployed and serving our country. We can provide you with bankruptcy services so that you can get the help that you need to file. This way you can focus on what you are supposed to be doing – protecting our country and staying safe. Since the process can be intimidating we recommend that you call our office and schedule an appointment or phone consultation right away. This way we can discuss your situation in detail and let you know if you should file and if so, which one is the right one for you, a Chapter 7 or a Chapter 13.