In the Armed Services? The Servicemembers Civil Relief Act May Help You Avoid Bankruptcy! (Part One of Four)
By Kevin Gipson, New Orleans Bankruptcy Attorney on Mar 22, 2007 in General Bankruptcy Information, Louisiana, Personal Finance
You’re living from paycheck to paycheck at your regular job and you get your orders advising you that your National Guard or Reserve unit is being activated. Is this the “straw that broke the camel’s back?” Are you considering filing for bankruptcy to protect your property?
Before you do, you should be aware of changes made in 2003 to what is now known as the Servicemembers Civil Relief Act (SCRA).
Up until 2003, SCRA provides the following relief to military personnel who are on active duty:
1) Postponement of civil court hearings under certain circumstances;
2) Reduction of interest rates on pre service loans and obligations;
3) Barring of evictions of the family of military personnel for nonpayment of rent without a court order;
4) Termination of pre service residential leases; and,
5) Allowing military personnel to maintain their state of residence for tax purposes if reassigned to another state.
The law after 2003 was updated to reflect the economic realities of today.
In articles to follow, we will discuss those changes and how they may help you stay out of bankruptcy.
If you liked that post, then try these...
Bankruptcy Alternative Scams, Debt Consolidation? by Kurt O'Keefe, Attorney at Law
How Long Will My Chapter 7 Bankruptcy Last? by Douglas Jacobs, California Bankruptcy Attorney
Jones v. Wells Fargo Administrative Order 2008-1 by Kevin Gipson, New Orleans Bankruptcy Attorney
2 Trackback(s)
You must be logged in to post a comment.