bankruptcy/consolidation question

[want2bethefew]

Hello I have looked all over these forums and google to find my questions in regards to consolidating or filing bankruptcy on all my debt. I've got myself in a situation a while ago where I had a lot of revolving credit and a good job making payments and all was fine and dandy until the economy really went bad and lost my job. So, here I am married with a 3 month baby and my credit is horrible because I was unemployed for a while. I'm paying what I can but I don't see my debt ever getting better. I've tried hardship payments with all the creditors but I can't constantly pay each one every month.

So my question is if I file bankruptcy or do some sort of debt relief program will I be able to still join?

If I can get in what jobs am I limited to? I know the Air Force can't give you secret clearence. Thank you in advance!

[Kegler300]

A bankruptcy will not keep you from obtaining a security clearance. Deliquent financial relapses will.

[want2bethefew]

Well I do have a big charge-off and other collections that I'm responsable for. Would it be better to file bankruptcy than make little payments to them? And another question. My two brother-in-laws are in the Marine Corps, will they get any bonus or anything if one of them refer me? Thank you.

[Kegler300]

A consistent pattern of payment, or Chapter 7 bankruptcy are your best options. However, a bankruptcy might be a problem with your enlistment, so you want to get current with your creditors right away. Also, if your two brothers-in-law are corporal/below, then they can receive bonus points for you as a referral if you successfully enlist. You have to coordinate that with your recruiter to ensure they get the credit, though.

[want2bethefew]

So even though on my credit card that is charged off I can just pay like $25/mo. and I still might be able to join because it's showing some effort?

[tdrt]

Have you talked to recruiter yet? We are not recruiters so the best we can do is offer opinions, maybe look up a thing or two but if you want hard answers, you have to talk to a recruiter. I wish I could be more helpful.

[want2bethefew]

Thank you tdrt. I've tried to contact a recruiter by phone but always get his voice mail. I guess I'll wait for his call. Thank you everybody.

[Lisa 23]

Go and talk with a recruiter face-to-face. You may be waiting a very long time for one to call you back.

[tdrt]

Don't wait for a call back. Just do what WMarine said and just walk into a recruiter's office.

[want2bethefew]

I'll try that during my lunch tomorrow it's right down the street from where I work. I work bank hours so it's hard to do anything during business hours.

[tdrt]

I'll try that during my lunch tomorrow it's right down the street from where I work. I work bank hours so it's hard to do anything during business hours.

I know & understand -- but if it's something you want bad enough, you'll make the time.

[Lisa 23]

Financial Eligibility Determinations
Some recruits will have to show that they will be able to meet their current financial obligations upon enlistment. This includes recruits who are married (or who have ever been married), recruits who require a dependency waiver, recruits with a history of collection accounts, bankruptcy, closed uncollected accounts or bad credit. In the Air Force, it also includes any recruit who is at least 23 years of age. In general, the services are attempting to ensure that the recruit can meet current financial obligations on military active duty pay. For example, the Air Force uses the "40 percent rule." Any recruit who's monthly consumer debts (not counting debts which can be deferred, such as student loans) exceeds 40 percent of his/her anticipated military pay is ineligible for enlistment.

http://usmilitary.about.com/od/joini...tandards_3.htm

[Rocky C]

Here you go.......


Financial Eligibility Determinations

Some recruits will have to show that they will be able to meet their current financial obligations upon enlistment. This includes recruits who are married (or who have ever been married), recruits who require a dependency waiver, recruits with a history of collection accounts, bankruptcy, closed uncollected accounts or bad credit. In the Air Force, it also includes any recruit who is at least 23 years of age. In general, the services are attempting to ensure that the recruit can meet current financial obligations on military active duty pay. For example, the Air Force uses the "40 percent rule." Any recruit who's monthly consumer debts (not counting debts which can be deferred, such as student loans) exceeds 40 percent of his/her anticipated military pay is ineligible for enlistment.

The Navy policy examines total indeptness, rather than monthly payments. The Navy Recruiting Regulation States:

• No person may be selected who has a history of bad checks (unless through bank error), repossessions, cancelled or suspended charge accounts, or indebtedness exceeding half the annual salary of the paygrade at which the person is being recruited. If indebtedness includes a long-term mortgage, total indebtedness must not exceed 2 ½ times the annual salary.

The Marines use the same Financial Eligibility Determination forms that the Navy uses. However, the Marines only do a Financial Eligibility Determination when the individual requires a Dependency Waiver. As part of the Dependency Waiver approval process, the applicant is interviewed by the Recruiting Commander (or his/her representative), who ensures, as part of the interview/review process that the recruit would be able to meet their current financial obligations on military pay.

[Lisa 23]

LOL....Rocky, we posted the same thing.

[Rocky C]

Expanded Version because he is married with child .