Thursday, September 9, 2010

Bankruptcy Protection for American Servicemen and Women

It seems only fair that those who have defended our nation should have a little extra protection when it comes to debt relief. This is exactly what the Servicemembers' Civil Relief Act offers. The Act covers all active duty military service persons. So what's the reasoning? Part of the reason is that it was determined that American military personnel earn less than "normal" income they would earn if they were to be working civilian jobs.

One of the provisions of the Act is protection for service persons to have the ability to lawfully terminate leases from both residential and commercial spaces. In addition to this protection, servicemen and women are protected against most forms of foreclosure. This includes those service people who have been inactive for three months or less, and protects them against credit unions, lenders, banks, or individuals they may owe monies to. This measure is only available to those service people who had a mortgage before they became active service persons.

There are several other protections made available to military personnel. Your personal bankruptcy attorney can help you decide which of these is appropriate for you once they have an understanding of the whole scope of your bankruptcy filing.

But if you are an active service person of the US military in any capacity, let your bankruptcy attorney know so that you can get the best possible protection available to you.

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