Bankruptcy and Your Military Career

For many Americans a job in the military is something that they’ve either wanted to do since they were a child, or is a wonderful way to help pay for college. No matter the motivation, serving in the United States military has always been a wonderful job and one that commands a certain level of respect. But with more and more Americans filing bankruptcy, people may be wondering what that means for their military career. Just like the average civilian, people enlisted in the military can declare bankruptcy. Read on to discover any repercussions that may occur if you file before enlistment, and what can happen to you if you file while actively enlisted.

Will a past bankruptcy affect if I get hired?

While employers are not legally allowed to turn you down for hire or promotion because you have declared bankruptcy in the past, they can look at your credit and use that to make a decision. Make sure that you stay on top of your credit situation by getting free credit reports and working to better your credit. You’ll want to know what the employer is seeing when they pull your credit. If you are aware of any problems and are working actively to solve them then you are more likely to get the job. But whatever you do – don’t lie. If you’ve made to to the credit screening part of an interview then they obviously see something in you. Lying will make them not trust you.

Will filing for bankruptcy have an effect on security clearance?

Bankruptcy can affect your security clearance level. Bankruptcy can demonstrate a lack of self-control on your part, and higher security clearances demand that the person is self-controlled, able to resist temptation, and will think through their decisions. If you have declared bankruptcy in the past and know that your security clearance may be at risk, it’s best to be open and honest with your superiors. Rather than trying to hide information that they will discover, by being upfront and discussing the issues you can show them that you have a plan in place to use your security clearance safely.

What options are there for filing while employed by the military?

Just like a civilian, members of the military have the same rights when it comes to filing bankruptcy. You are no different than anyone else and will be afforded the same protection from creditors. There are free military advisors on base to help you with this decision, or you can hire an outside lawyer who specializes in bankruptcy and the law surrounding it. Either way you will make sure that you have someone on your side who is interested in protecting you during this process.

Even the heroes who protect us can sometimes need help in taking care of their finances. There is nothing wrong with reaching out to a professional to ask questions and to gain a better understanding of the bankruptcy process. By working with a professional you will be able to gain financial independence while still maintaining your stellar military career.

By | January 23rd, 2017|Financial|Comments Off on Bankruptcy and Your Military Career