MILITARY MEMBERS FILING BANKRUPTCY
Posted on 08 07,2014
Members of the military have the ability to file bankruptcy to help them gain a fresh start after financial hardship. By choosing bankruptcy, military members have a chance to get rid of most, if not all, of their debt.
When filing bankruptcy, you have typically one of two options:
- Chapter 7 Bankruptcy: This type allows you to essentially wipe out most credit card debt and medical bills, as well as other accumulated debts. The trade-off is that you may have to give up certain personal belongings, including vehicles or even your home in certain circumstances.
- Chapter 13 Bankruptcy: If you have a high enough and fairly stable income, which most do in the military, this type of debt relief may be your best option. It allows you to repay debts within a 3 to 5 year time period and still keep your belongings.
WHY WOULD YOU NEED TO FILE FOR BANKRUPTCY IN THE MILITARY?
It depends on the circumstances surrounding your particular situation, but we at the David McCormick Law Group understand that there are certain financial difficulties that can arise when in the military. If your loved one is deployed, money issues may become more prominent. In the same way if you have to move suddenly with the military and you cannot sell your home quick enough, that can cause serious financial issues. The military does offer military housing and other options in many cases, but we realize that these alternatives may not always work out as planned, leaving you stuck with frightening money problems.
IF YOU FILE FOR BANKRUPTCY WHILE IN THE MILITARY, WILL IT HURT YOUR FUTURE CAREER?
The military values those who are on top of their finances, as it reveals responsibility and focus. In addition, if they know you are worried about debt and issues back at home, rather than on the mission at hand, this can quickly become a greater issue. With that being said, the military may actually look at you filing for bankruptcy as a positive solution if you have found your family surrounded in overwhelming debt.
FREE CONSULTATION – CALL OUR VIRGINIA BEACH BANKRUPTCY FIRM
You absolutely want to make sure that you hire a bankruptcy attorney who is familiar with how the military works. Get $125 off of your legal matter by clicking here and giving our office a call.
Having handled over 17,000 cases in the past 17 years as a firm, the David McCormick Law Group is known for its legal excellence, earning us an A+ BBB service rating. We offer services in Spanish, as well as English.