Members of the armed forces often suffer financial difficulties. In fact, scores of men and women in uniform file for personal bankruptcy every year. Military personnel live a unique lifestyle that often leaves families hanging between multiple mortgages and a variety of other debts. If you’re in the armed forces and considering bankruptcy in the Chicago area, speak first with an experienced Chicago bankruptcy lawyer.
Few other lines of work require spur-of-the-moment relocation, which makes military families particularly vulnerable to financial risk. Imagine the stress of purchasing a new home only to find that you have to move immediately. Juggling several mortgages and rentals at once can be an overwhelming financial burden.
Other elements of military life can also contribute to poor debt management. Spouses may hesitate to tell deployed loved ones about financial problems; the deployed already face enough stress, so many spouses will not add to their worries. And for some, military fatigue and uncertainty about one’s future may lead to adopting a “live-for-the-moment” lifestyle that creates unnecessary credit card debt and other poor spending habits.
If you are in the military, don’t let your finances become or remain a problem. The military knows that someone who is worried about debts can’t focus on his or her mission. Bankruptcy doesn’t necessarily hurt you in the military. In fact, it can often be a responsible way to deal with debt. However, bankruptcy isn’t for everyone. The military also offers a variety of emergency loans and debt relief programs, and the Servicemembers’ Civil Relief Act protects you from being sued while on active duty and for up to a year after active duty.
Nevertheless, if you live in the Chicago area or if you’re stationed here, and if you are having mortgage troubles or other debt difficulties because you are currently serving our nation, you need to get help and advice immediately. Set up an appointment at once with an experienced Chicago bankruptcy lawyer. Don’t hesitate to make the call today.