Can I go Bankrupt if I am in the Armed Forces
If you are in the armed forces and struggling with debt you are not alone. Many thousands of service men and women and their family members get into financial difficulty every year. Given your employer and job you may think that you cannot go Bankrupt.
This is not the case. Contrary to popular belief you will not be at risk of being dismissed from your post if you go Bankrupt. It is an option open to you. However you do need to take certain steps before you go through the process.
How to go Bankrupt if you are in the Armed Forces
If you in the armed forces and are struggling with debt you must first speak to your superior about your options. Let them know what you are considering Bankruptcy and ask their opinion. They will be able to tell you if there is any particular process you need to follow or whether you can simply go ahead with your application.
Clearly the prospect of speaking to your superior about your personal debt problems is not something you will look forward to. However it will not be the first time they have come across someone with a debt problem. They will normally be happy that you are taking positive steps to get your situation sorted out.
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What will happen to your Armed Forces career if you go Bankrupt?
Bankruptcy should not have a long term effect on your career. You will certainly not be at risk of losing your job. However depending on your rank and role a bar may be put on further promotions during the time you are bankrupt.
Having said that the process normally only lasts for a maximum of 12 months. After this you will be discharged and any bar on your promotion lifted. Given this it should not hold you back in your career over the medium to long term.
If you go Bankrupt will your Partner who is in the Armed Forces be affected?
Bankruptcy is an individual debt solution. Your partner or spouse will not be involved and will not be required to make any payments towards your debts.
If your Partner is a member of the armed forces they do not have to worry if you go Bankrupt. It will not have any effect on them or their career in any way.
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