PostHeaderIcon Hubby filing for bankruptcy in the Navy??? Please help?

He’s an E-3, Boatswain’s Mate, and I was just wondering if we filed for Bankruptcy,
1. What would happen?
2. Will his command find out?
3. Will he be sent to captain’s mast or get into extreme trouble? (He’s been having problems with his command lately and I don’t want this to make things ten times worse)
4. He just took the advancement exam to become an E-4, will bankruptcy hinder that and keep him an E-3?
5. What’s the worse that could happen (He only has a regular security clearance, nothing top notch or anything)

Please help. We spoke to fleet and family and they said the best route for us is bankruptcy.
We have SECURED debt and all the debt consolidation companies seem to be looking for UNSECURED debt. 🙁
Yes we made financial mistakes but we are ready to start over and I just want to know the effects it will have on my hubby’s job. I know our credit will die (lol) but that’s all I know…
Thank you sooo much if you could help answer my questions 🙂
We are paying out more than what we are making. I can listen to a speech later, I need something that’s going to take care of the bills and loans we have already. A speech isn’t going to stop them from calling or threatening to repossess vehicles or garnish wages. Please answer my questions.

5 Responses to “Hubby filing for bankruptcy in the Navy??? Please help?”

  • hollifieldrobert says:

    before you do any thing else debt consolidation companies are a rip off that will effect you credit badly next thing to do is look up dave ramsey on the internet and listen to his radio show and advice and buy his book the total money make over it will show you how to get out of debt and no its not easy but with hard work it can be done the borrower is slave to the lender iam debt free no strees

  • Mrsjvb says:

    he is required to inform his command even if he does not have a security Clearance.

    yes severe finacial issues can get you kicked out especially if they are for foolish reasons like too much credit card debt. he will be required to go to financial counseling. he may be prevented from re enlisting at the end of his contract as well, just depends on how bad it is.

    yes he can be denied promotion if his CoC doesn’t think he has earned it or is mature enough to handle the extra responsibility.

    he needs to get this fixed. Bankruptcy has far reaching consequences and if he gets kicked out you will be in much worse shape on the outside.

  • Chris says:

    I got discharged while I was in dep for filing bankruptsy. That is very different considering he is aleady in, but I was shocked that I got discharged weeks before I was to go to bootcamp. I disclosed the information, they did not find it, but I wanted to be up front about it. Bankruptsy is easy to find so I didn’t want them to find it and think I was being dishonest. I had to file because of a failed business venture prior to enlisting. Its not like a was extremely fiscally irresponsible or anything. I guess what I am trying to get across is be very carefull and discuss this with someone in the navy that can give you a difinitive answer as to the consequeces for him filing before you file!

  • Tom says:

    I think you and your husband should talk to legal counseling. I am not sure what the office is called in the Navy. I am in the AF. They should tell you how that will impact his career. Remember they are confidential and won’t tell your husband’s Chain of Command. I hope this helps.

  • oneiloilokano says:

    Your first stop should be going to Navy Relief. They provide free councelling and in some cases relief through grants or interest free loans.

    The loan company’s etc. are the ones that pay those debit consolodation compan’s. They protect their best interest, not yours.

    The next stop should be Navy Legal to see if you evan qualify for bankrupsy. The laws changed a couple years ago making it very tough to file. It should also be used as a last resort. It screws up your credit for at least 5 years making it very difficult to get off base hosing later on.

    Once you have a workable plan then he should inform his chain of command. That way if one of your creditors does file a letter of indebitness or tries to get a garnishment the Command aka Captian and Xo and Ops are not blindsided. As long as he is actively working to get his finaces under control their should be no problem.

    Worst case your husband does not get his financial problems under control and the Command gets garnishment letters etc. he can and probably will get a less than honorable discharge.

    I’ll “save the speach”, but you need to get over to Navy Relief right away and get this problem under control.

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