MIL bankruptcy, any effect?

Discussion in 'On Topic' started by xSteveO, May 7, 2008.

  1. xSteveO

    xSteveO Guest

    Over the past few years I've accumulated over $13,000 worth of debt (school without student loans, unemployed for a few months, misc expenses) and now it's just out of control. I am trying to pay over $600-700 a month to these cards to get them under control, but it's not getting very far. I did a calculator and it said that it would take over 8-9 years to get these things paid off at that rate. I am going to join the military, I can't take the stress of my current job (working 55-60 hours a week) just trying to get by and make a couple extra bucks to put towards my credit cards. Going in as an E-1, possibly E-2 due to college credits, it's not nearly enough to cover all of my bills, so now it's time that I take some action and stop throwing this money away. If I was to file bankruptcy before enlistment would there be any effect? what about after I was enlisted? When would the best time be? I've thought long and hard into this and it's the only option to go.
     
  2. Jeg1983

    Jeg1983 OT Supporter

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    It will not help when trying to get a security clearance. I am not even sure the air force will take you if you have a bankruptcy on the your record.
     
  3. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    1. Check out www.creditboards.com for good information on how to pay down CC debt. $13K is a relatively low amount and it shouldn't take you 8 or 9 years to pay it down. My recommendation is to pay the cards with the highest interest rate and lowest balance first. Put as much as you can on 1 card or 1 bill and minimum payments on others. Once 1 bill is paid, apply that same payment to another debt.

    2. Bankruptcy can sometimes affect you obtaining a clearance but it depends on the command. I filed for Chapter 7 and I presently hold a clearance. I kept my command informed of what was happening with me financially. I showed them what debts were cleared and how much money I would be saving each month. I also signed myself up for financial management classes to show them I was serious about getting my finances in order. In the end, they realized that filing for bankruptcy actually put me in a better financial position albeit my credit rating took a slight hit and I kept my clearance.

    If you are interested in bankruptcy, check the link I posted and search for a bankruptcy lawyer that is a member of the NACBA (National Association of Consumer Bankruptcy Attorneys) and one that will do a free consultation with you.

    Good luck.
     
  4. TRN

    TRN Well-Known Member

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    It really goes case by case.
     
  5. shiba

    shiba Active Member

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    1. cut up your cards. 2. consolidate and refinance your debts. 3. Talk to the recruiter and find out if there is anyway you can enter with more rank. ie pass the PT test.
     
  6. NisAznMonk

    NisAznMonk New Member

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    Ever thought about going with a career field that provided a hefty bonus?
     
  7. xSteveO

    xSteveO Guest

    I'd like to find that, but there isn't much out there. You guys are saying to slowly pay off my debts and cut up my cards. I have done that, well not cut them up, but they haven't been used in months. The problem is I don't make enough to pay enough on them. I'm making just about enough to pay the minimum with all my other bills, food, etc.
     
  8. PlutoBHG

    PlutoBHG New Member

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    if 55-60 hours a week at home is too much for you, then you might want to seriously think this through.....
     
  9. RedBull

    RedBull New Member

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    really.

    12 hours a day, 6 days a week is not that uncommon.
     
  10. PlutoBHG

    PlutoBHG New Member

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    and deployments are usually worse...we are working 12 hour days 6 days a week here on our slow days, 14-16 hour days on our duty days and the occasional wake up in the middle of the night...good times
     
  11. RedBull

    RedBull New Member

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    i can only imagine. i may be getting a chance to go over there this coming january if everything goes as planned:x:

    but lol @ original poster thinking joining the military is going to make for a less stressful/time consuming career. not to sound like an AFN commercial, but you are always on duty, even if youre at the bar drinking:hsd:
     
  12. PlutoBHG

    PlutoBHG New Member

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    haha honestly the at sea hours on the ship were worse...so were the living conditions, thats on a CG though
     
  13. xSteveO

    xSteveO Guest

    this isn't a debate about the hours and stress, you don't work my job so you know absolutely nothing about my situation. I am simply asking about bankruptcy and it sounds like I have got my answer, thanks
     
  14. PlutoBHG

    PlutoBHG New Member

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    well, you mentioned more than that (to include being stressed from working hours) so we commented on that...:wavey:
     
    Last edited: May 7, 2008
  15. NisAznMonk

    NisAznMonk New Member

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    Have you looked at your financial situation all the way through? If your spending habits aren't kept in check then there is no way you'll make it on a "E" anything salary.
     
  16. widds2v

    widds2v Active Member

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    If you are not the party type you can easily keep your $600-700/mo. Join the navy, get stationed on a ship. There's your house, your food, etc. All income can go towards whatever. As you go up in rank it obviously becomes much easier. Hell while we're on our deployment coming up I plan on putting a minimum of $2200/mo on bills like the car and stuff.
     
  17. Karl Malone

    Karl Malone Karl Malone say what Karl Malone gotta say OT Supporter

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    snippy!
     
  18. PlutoBHG

    PlutoBHG New Member

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    sounded like what a chick would respond with... :hsugh::mamoru::noes:
     

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