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Veterans And Filing Bankruptcy

Veterans And Filing Bankruptcy

: Richard West Law Office

flagIt is an unfortunate day in the life of an serviceman or woman when they find themselves in financial hardship over their absence on tour. Many service members find themselves unable to pay bills or make ends meet upon returning home from active duty.  When it comes to getting back on their feet through a Cincinnati bankruptcy, there are some special benefits for veterans.

Perks Of The Job

There is no sugarcoating the fact that a those who risk their lives for our country have a tough job. Luckily, the bankruptcy process is quite forgiving in efforts to ease the burden they experience on home soil when dealing with debt.

Disabled veterans are offered a benefit of exemption from completing the Bankruptcy Form B22 means test if their debts were accumulated primarily during a period of active duty or while performing “homeland defense activity”. Essentially, a disabled veteran may be eligible to file for Chapter 7 bankruptcy based on their status of service at the time the debts were accumulated regardless of their current income situation.

Another benefit often given to veterans filing for bankruptcy is the exemption of their funds from any liquidation or repayment plans. Veteran benefit funds may be exempt under federal exemption laws and could protect their retirement, savings and income from liquidation.

Veterans also qualify for a property exemption in bankruptcy, and some may find that a prior bankruptcy has less effect on obtaining a future VA loan. A Cincinnati bankruptcy lawyer can better review the options to protect veterans while getting back on their feet.