Are Military Service Men and Women Allowed To File For Bankruptcy Protection
Can military members file for bankruptcy?
It’s a question many of them question, and the answer is yes. Military
folks have the same rights as civilians when it comes to filing for
bankruptcy protection and not losing their home or other possessions.
Now, a bankruptcy filing can interfere with some high level security jobs or high profile jobs that are available to service members in their military branch. However, an active military member can file for either Chapter 7 or Chapter 13 bankruptcy protection, if they need to.
Why Military Members May Have To File For Bankruptcy
Military members – especially those who are actively in the military – are “supposed” to maintain a living standard that is better than their civilian counterparts. Of course, some military members will face unexpected financial problems, for any number of reasons. One such reason is the stress that comes with a military lifestyle – constant moving around or deployment.
What A Bankruptcy Can Do To A Person’s Career
Many of these military servicemen and women – enlisted soldiers and officers – fear to file for bankruptcy because don’t want to be in trouble with the chain of command. It’s important that a soldier’s finances are not in trouble to ensure they are not sued because they defaulted on debts. When a person is serving in the military, they must manage their financial circumstance and, one way to do this is to file for bankruptcy.
To have military security clearance, you must be sure your financial matters are in tip-top shape. If an active military members needs to file for bankruptcy, it could damage their career. When military members need access to classified data, they must disclose their financial background, which includes finance questions regarding their household.
Military Members Who Want High Clearance Levels
Military members who want a high clearance level will be asked certain questions regarding their finances including but not limited to:
- Are they presently or, in the last 90 or 180 days, had an account that is/was delinquent?
- Have they ever had a wage garnishment?
- Have they had a judgment against them?
If a person has filed for bankruptcy, it’s likely that one of these situations, perhaps more, is true.
If you serve in the U.S. military and are looking to file bankruptcy, it’s best to speak with a knowledgeable debt relief lawyer. After all, there are special protections available for military members who want to file for a Chapter 7 or 13 bankruptcy (Service Member’s Civil Relief Act). This law provides protections to the men and women of the U.S. so they can focus on defense and their military duties.
Most folks respect the sacrifices the men and women of the U.S. military make, and their life doesn’t have to change just because they are experiencing a financial difficulty. If an active military member needs to file for bankruptcy protection, there is nothing wrong in doing this. It is required that military members do what they can to stay in good financial shape.
However, things happen and sometimes financial disasters are inevitable. Thus, military personnel have the same rights as civilians when it comes to declaring bankruptcy and its protection for their assets. Should they be overseas, they may have to appoint someone to be a power of attorney who will file for the bankruptcy protection for the service members.
Now, a bankruptcy filing can interfere with some high level security jobs or high profile jobs that are available to service members in their military branch. However, an active military member can file for either Chapter 7 or Chapter 13 bankruptcy protection, if they need to.
Why Military Members May Have To File For Bankruptcy
Military members – especially those who are actively in the military – are “supposed” to maintain a living standard that is better than their civilian counterparts. Of course, some military members will face unexpected financial problems, for any number of reasons. One such reason is the stress that comes with a military lifestyle – constant moving around or deployment.
What A Bankruptcy Can Do To A Person’s Career
Many of these military servicemen and women – enlisted soldiers and officers – fear to file for bankruptcy because don’t want to be in trouble with the chain of command. It’s important that a soldier’s finances are not in trouble to ensure they are not sued because they defaulted on debts. When a person is serving in the military, they must manage their financial circumstance and, one way to do this is to file for bankruptcy.
To have military security clearance, you must be sure your financial matters are in tip-top shape. If an active military members needs to file for bankruptcy, it could damage their career. When military members need access to classified data, they must disclose their financial background, which includes finance questions regarding their household.
Military Members Who Want High Clearance Levels
Military members who want a high clearance level will be asked certain questions regarding their finances including but not limited to:
- Are they presently or, in the last 90 or 180 days, had an account that is/was delinquent?
- Have they ever had a wage garnishment?
- Have they had a judgment against them?
If a person has filed for bankruptcy, it’s likely that one of these situations, perhaps more, is true.
If you serve in the U.S. military and are looking to file bankruptcy, it’s best to speak with a knowledgeable debt relief lawyer. After all, there are special protections available for military members who want to file for a Chapter 7 or 13 bankruptcy (Service Member’s Civil Relief Act). This law provides protections to the men and women of the U.S. so they can focus on defense and their military duties.
Most folks respect the sacrifices the men and women of the U.S. military make, and their life doesn’t have to change just because they are experiencing a financial difficulty. If an active military member needs to file for bankruptcy protection, there is nothing wrong in doing this. It is required that military members do what they can to stay in good financial shape.
However, things happen and sometimes financial disasters are inevitable. Thus, military personnel have the same rights as civilians when it comes to declaring bankruptcy and its protection for their assets. Should they be overseas, they may have to appoint someone to be a power of attorney who will file for the bankruptcy protection for the service members.