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Bankruptcy for Military Personnel
At Blake Goodman we are always looking to serve members of the military to protect them from the difficult and sometimes life altering moment that is bankruptcy. While we want to serve every member of the Hawaii community equally we are aware that members of the military are typically held to a different standard. This even includes their finances.
Bankruptcy is a great challenge for anyone, but in the military, there are aspects of your career that could be put into jeopardy such as your security clearances. This can lead to members of the military deciding to wait as long as they can before finally applying for bankruptcy.
What they do not know is that by doing this they are putting themselves in jeopardy. Debt is not something that you can just simply ignore and it will get better. Due to interest rates, credit score, and other financial responsibilities your debt lasting longer will only lead to a bigger fall.
When you need to file for bankruptcy there is no ifs ands or buts about it. Waiting to file can be so much more damaging than just biting the bullet and filing when it becomes cleary you have to. At worst, it doesn’t hurt to come in for a free consultation to see if there are ways to recover from the debt you are in before taking the bankruptcy option.
At Blake Goodman when it is time to file for bankruptcy there are steps that we typically follow. They are.
- Debt Removal
As you can see, before we can even reach the filing process there is counseling that needs to take place to see if bankruptcy is required first. If there is a way out from your financial strife then those of us at Blake Goodman can help you find it.
Information from our Hawaii Bankruptcy Attorney
There’s help – keep reading.
The Rules Regarding Debt and the Military
Excessive debt is viewed as a sign of recklessness and untrustworthiness. Moreover, the military views excessive debt as a potential security hazard because of the pressure to accept money from outside sources to relieve one’s personal financial troubles.
It is far more damaging to simply let your debts pile up. Decisive actions like debt settlement or bankruptcy are clear cut solutions to your troubles. Letting your debts fester is a far surer path to garnished pay, disciplinary action and even dishonorable discharge.
If any doubts remain, you need only read this passage from Section 525 of the United States Bankruptcy Code:
(A) governmental unit may not deny revoke, suspend or refuse to renew a
license, permit, charter, franchise or other similar grant to, condition such a
grant to, discriminate with respect to such a grant against, deny employment to,
terminate the employment of, or discriminate with respect to employment against,
a person that is or has been a debtor under the Bankruptcy Code solely because
the debtor has been a debtor under the Bankruptcy Code;…
To summarize, the government (and by extension, the military) cannot commit the following acts against a person due to his or her bankruptcy filing:
- Deny employment
- Deny promotion
- Terminate employment
- Refuse to renew a license or permit
If You Do Need Bankruptcy
If we discover that you do need bankruptcy then we will work to defend you through the entire process to try and keep as much of your military standing as possible. We will also work to to ensure that your finances are handled with care. The number one challenge of bankruptcy is how much those who have to file aren’t aware of the details of it.
Here’s a quick rundown of the two most common types of bankruptcy and what each means for you.
Chapter 7 bankruptcy is the most common kind there is. Those who have to file for bankruptcy through Chapter 7 are usually in a situation where there is no possible way they can pay off their debts. This happens a lot for people that lose a source of income and can no longer support their lifestyle as a result of it.
When filing for Chapter 7 bankruptcy your assets will be liquidized and used as payments for your debts. Once those assets have been liquidated, and you have completed the proper counseling courses, your debts will be removed.
Chapter 13 bankruptcy is not as common as Chapter 7 but still exists as an option. With Chapter 13 bankruptcy you typically have an income where it is possible to pay off your debts, but you have too many to do it in a reasonable amount of time. When filing for Chapter 13 your debts will be removed after paying them off.
Your debts will be rolled into a lump sum that you then are able to make monthly payments on over an allotted period of time. Once those debts have been paid you will be free of debt.
The Solution Begins Today
You do not have to keep worrying about what will happen to your military career. You do not have to stay awake at night wondering what will become of your life due to debt. There is no need to suffer the unknown. Our Hawaii bankruptcy attorney knows just what it takes to set your financial life back on track. Take a decisive step forward – contact our law firm today by calling 808-528-4274 or fill out our online questionnaire.
Not On This Island? Come See Our Other Offices!
At Blake Goodman, we have offices in not just Oahu, but on Maui as well. We strive to serve the entirety of Hawaii to our best and full ability so there is nobody that is left out of the opportunity to pursue help in their life.
If you are in need of bankruptcy assistance in Maui then check out the website for our Maui offices at DebtfreeMaui.com. We will continue to provide the best services possible to you no matter the location.