Is Bankruptcy an Option for Service Members?

It doesn’t matter who you are, it’s possible to experience financial challenges. This applies to anyone in the civilian population, as well as military members. And in many cases, service members and their families might be at greater risk for financial struggles because of the nature of their work. There is a great deal of unpredictability and stress involved in a military career, and this sometimes translates into financial challenges.

It’s true – military members face higher expectations in most areas of their life, including credit. They are expected to make responsible choices, but it is also understandable that not every aspect of life can be kept under control. Sometimes events that are unexpected – and sometimes devastating – occur and create a financial burden. When this happens, it is possible for military members to use bankruptcy as a tool for helping them get their financial life back under control.

What You Should Know about Bankruptcy as a Service Member

It’s important to consider all of the factors involved with filing for bankruptcy, especially when you are in the service. It is possible for bankruptcy to interfere with certain security clearances, so you need to evaluate your situation and determine if filing will affect your work.

If you would like to know more about how security clearances are handled, check out the US State Department’s website.

In some cases, it’s the timing of your bankruptcy that is important, so the sooner you gather information, the easier it will be to evaluate your options and move forward at the appropriate pace. Fixing your financial issues should always be a priority, but when you choose to take action can vary from situation to situation.

You Have Options

The good news is, as a service member, you have access to resources to help you with financial challenges to which others do not. For instance, the Civil Relief Act provides special protections to military members regarding their finances.

The most important thing you can do if you are a service member struggling with financial issues is to consult a professional. He or she can not only help you with the bankruptcy filing process, should you choose to go that route, you will also have a resource to answer your questions based on your personal circumstances. An experienced attorney can also serve as your power of attorney, should your military career take you out of the United States.

Are you a military member facing financial challenges? Do you want to resolve these issues so you can focus on what’s most important in your life? We can help. Contact Rockland NY Bankruptcy attorney, Frank J. LaPerch for more information.