How Active Duty Service Members Can Get Debt Relief
Debt Relief Solutions- Service Members on Active Duty Have Options *I have made every attempt to ensure the accuracy of this information.
However, there are no guarantees that the following information is correct, or that it is relevant to every consumer.
The article is for informational purposes only, and specific information regarding your debts requires you to seek legal advice or counsel to ensure that your debts are handled properly.
* Those who are members of the armed services of the United States have a lot of things to deal with.
For the ones with debt issues, seeking debt relief solutions can prove to be a challenge in most cases because they don't have the time or resources required to create financial plans or find debt relief.
The family members of these people will end up facing the consequences of their debt problems if they are not resolved, but there are debt relief options for service members because of their status.
One of the most helpful tools is the Soldier's and Sailor's Civil Relief Act which has been improved significantly in recent years to help military members deal with debt problems.
The SSCRA has now been changed to be known simply as the Servicemember's Civil Relief Act, or SCRA.
This provides benefits for those in the military so that they can get the debt relief that they need with less hassle than before.
The options that have been improved include mortgages, taxes, credit card debts, lease terminations, and pending lawsuits.
This law only covers debts that were created prior to service and does not include debts that were incurred while in the military.
Here are the benefits for active duty service members: - Any family with a member in active duty that is paying $1200 or less in rent for their home are protected from eviction.
- Service members on active duty that are being reassigned for more than 90 days are rightfully able to terminate a lease that is pending.
- Prevention of double taxation on a spouse of an active member of the military who works in a different state than their permanent residence.
Because of the nature of the job, this protects military families from financial distress related to tax increases since the job requires a lot of moving.
- All credit cards are limited to very little interest, including debt acquired prior to service and debt that is incurred while on active duty.
Anything that is over the set interest is exempt once the military service has been completed.
- The Reserves and the Guard members now have the benefit of better life insurance.
The maximum policy coverage is now $250,000 instead of $100,000, which gives families more protection from default during active duty.
Military members have seen vast improvements in the rights that they receive in regards to credit and debt, as well as other areas of daily life.
There are many debt relief options for active duty and non-active members of the armed forced in the United States.
These men and women put their lives on the line for their country, and they should be given a few extra concessions for it.
Debt settlement, debt negotiation, and credit counseling are also available for service members and their families.
However, before any debt relief solution is chosen, it can be helpful to get permission from the commanding officer because debt relief can often impact a person's security clearance.
However, there are no guarantees that the following information is correct, or that it is relevant to every consumer.
The article is for informational purposes only, and specific information regarding your debts requires you to seek legal advice or counsel to ensure that your debts are handled properly.
* Those who are members of the armed services of the United States have a lot of things to deal with.
For the ones with debt issues, seeking debt relief solutions can prove to be a challenge in most cases because they don't have the time or resources required to create financial plans or find debt relief.
The family members of these people will end up facing the consequences of their debt problems if they are not resolved, but there are debt relief options for service members because of their status.
One of the most helpful tools is the Soldier's and Sailor's Civil Relief Act which has been improved significantly in recent years to help military members deal with debt problems.
The SSCRA has now been changed to be known simply as the Servicemember's Civil Relief Act, or SCRA.
This provides benefits for those in the military so that they can get the debt relief that they need with less hassle than before.
The options that have been improved include mortgages, taxes, credit card debts, lease terminations, and pending lawsuits.
This law only covers debts that were created prior to service and does not include debts that were incurred while in the military.
Here are the benefits for active duty service members: - Any family with a member in active duty that is paying $1200 or less in rent for their home are protected from eviction.
- Service members on active duty that are being reassigned for more than 90 days are rightfully able to terminate a lease that is pending.
- Prevention of double taxation on a spouse of an active member of the military who works in a different state than their permanent residence.
Because of the nature of the job, this protects military families from financial distress related to tax increases since the job requires a lot of moving.
- All credit cards are limited to very little interest, including debt acquired prior to service and debt that is incurred while on active duty.
Anything that is over the set interest is exempt once the military service has been completed.
- The Reserves and the Guard members now have the benefit of better life insurance.
The maximum policy coverage is now $250,000 instead of $100,000, which gives families more protection from default during active duty.
Military members have seen vast improvements in the rights that they receive in regards to credit and debt, as well as other areas of daily life.
There are many debt relief options for active duty and non-active members of the armed forced in the United States.
These men and women put their lives on the line for their country, and they should be given a few extra concessions for it.
Debt settlement, debt negotiation, and credit counseling are also available for service members and their families.
However, before any debt relief solution is chosen, it can be helpful to get permission from the commanding officer because debt relief can often impact a person's security clearance.
Source...