All You Need to Know Before Filing for Bankruptcy as a Military Member
The process of filing for bankruptcy is often disheartening and emotionally exhausting. Knowing all there is to know about declaring bankruptcy as a military member will take most of the pressure off, but discovering how bankruptcy is going to affect your job, choosing the plan that’s best for you, and learning more about Chapter 13 mechanisms is going to take some time and patience. It’s good to know that, as unpleasant as bankruptcy can be, it’s nothing competent bankruptcy lawyers in Santee can’t tackle.
Will filing bankruptcy affect my military career?
There are several expectations military members must uphold, especially the ones who are still on active duty. One of the assumptions is that a military member with a security clearance has a proven record of financial responsibility. However, life is unpredictable for us all, and even the members of military personnel can find themselves affected by outstanding debt.
Although declaring bankruptcy can leave a mark on your military career, especially if you plan to apply for high-level clearance jobs, there are some good news. Working together with an experienced bankruptcy lawyer can make your situation a lot more secure and manageable.
Benefits for service members declaring bankruptcy
According to the Servicemembers Civil Relief Act (SCRA), military members facing bankruptcy can benefit from special protection, so make sure to ask your lawyer about it. The ultimate goal of SCRA is to allow active service members to work out their financial difficulties quickly and safely in order to be able to focus on defending our beautiful country.
Military veterans, on the other hand, also get a chance to benefit from certain aids if it happens they need to declare bankruptcy. For example, veterans eligible for disability benefits with a disability rating of 30 percent or higher can file for any bankruptcy plan without having to pass the means test.
Can you file bankruptcy and work for the federal government?
Although bankruptcy complicates your active military service to a certain extent, the short answer is: Yes, you can file bankruptcy while working for the federal government.
When it comes to declaring bankruptcy in order to protect private assets, military service members have as many rights as civilians do. If you happen to be stationed overseas and can’t be present to go through your case with your bankruptcy representative, you will need to obtain a power of attorney for someone else to file a chosen chapter while you are away.
Can I enlist for military service after declaring bankruptcy?
Filing for bankruptcy doesn’t automatically disqualify you from entering armed forces, but it will have an effect on your security clearance. Financial responsibility is only one of the aspects commissions consider when deciding on security clearances, but filing for bankruptcy can have a lot less negative impact on the situation than having a crippling debt you can’t control.
A branch you want to enlist for and specific circumstances of your bankruptcy filing will ultimately decide if and how much your potential military career will be affected.
Santee bankruptcy experts are here to provide guidance
Dealing with bankruptcy is a challenging time for every individual and military members are no exception. Before you can set your worries aside and spend some quiet, active time in Palmetto Trail, you will need to get your finances in order. The best and most secure way to handle the situation is to seek the advice of the experienced bankruptcy lawyers in Santee.
Seasoned bankruptcy attorneys Chang & Diamond will help you establish and maintain control of your debts, helping your military service excel rather than plummet. Contact us and get the help you need to get your life back on track – today.