Members of the military can face unique financial difficulties. Deployments, moving from one duty station to another, and other unforeseen matters can create financial hardship. Like their civilian counterparts, military members are eligible to apply for bankruptcy in order to protect their homes or other possessions, stop creditor harassment and possibly limit liability for debts accrued.
Of course, members of the U.S. Armed Forces are held to the highest standard and are expected to be responsible for their finances. When a history of delinquent payments or defaulted loans accumulate it can negatively impact a military career. Declaring chapter 7 or chapter 13 bankruptcy can not only help you take control of your financial situation, it can also reduce your risk of legal action being taken against you.
If you are considering bankruptcy, an experienced attorney can work with you to see if bankruptcy is the right strategy for you and your family. A knowledgeable attorney can help you explore what protections you may have available as a military member through the Service Members’ Civil Relief Act and, where that falls short, provide you with information regarding remaining options to solve your debt problem, including bankruptcy.
The Peoria, Illinois bankruptcy law offices of Charles E. Covey can answer questions you may have regarding declaring bankruptcy as a member of our armed forces. Contact our offices today for more information. We are here to help you.