The men and women serving in the US Army, Marines or other branches of the U.S. Armed Forces sometimes face financial difficulties leading them to consider filing for bankruptcy.
After weighing the pros and cons with regard to their military service, members who elect to file for bankruptcy are subject to special rules enacted by Congress.
For example, some reservists, National Guardsmen or disabled veterans may be exempt from the means test, making more service members eligible for a Chapter 7 discharge of debt.
The Service Members Civil Relief Act (SCRA) offers additional protections to service members. For those facing debt collection actions, the SCRA can prevent or postpone evictions, wage garnishment, bank attachments, foreclosures and default judgement. If you are in bankruptcy, the SRCA allows courts to stay or postpone proceedings should a member be called to active duty.
If you are a member of the U.S. Armed Forces, a reservist, or member of the National Guard filing for bankruptcy, the Law Offices of Andrew C. Ladd LLC can help you. We have been proudly serving military clients in SE Wisconsin for more than 30 years with bankruptcy, family law and criminal law matters. Contact us today.
Source: nolo.com, “Bankruptcy and Members of the Military”, accessed August 28, 2015.