Debt Relief For Veterans
Posted on
August 18, 2009
at
12:46 am
Alright I want to get rid of my debts, I'm using my pension to pay the minimum amount, but that's it. I've no other source of income. Before I ask my kids for help--I want to know what are the debt relief options for veterans? Also, if I die would my debts be passed on to my children? I don't want that to happen, that's why I'm asking. Thank you.
Posted on
August 18, 2009
at
1:35 am
Hi you may visit the Veterans Affairs site to know more about the benefits available for you http://www.va.gov/With regards to debt relief available to veterans, there are several, depending on your debt type and its amount. There's credit counseling, debt settlement, and even bankruptcy (although this is for desperate times).As for your debts being transferred to your children, if they are credit card debts, it's unlikely that they'd be liable for it after you die..unless they are co-signers to your accounts.
Posted on
August 18, 2009
at
1:42 am
Do you have medical bills as well? Maybe you should negotiate your payment terms with the hospital or the lenders..if it's becoming unmanageable.Anyway, just to expound on the first comment, credit counseling may work for consumer's with unsecured debts amounting to $7,500. Debt settlement works for unsecured debts amounting to $10,000 and above and for consumers whose accounts are already past due.Bankruptcy on the other hand may be the best debt relief option for veterans who need the automatic stay protection. Maybe somebody else would be better at explaining bankruptcy for veterans.
Posted on
August 18, 2009
at
2:06 am
To add to Paladin's comment, one of the best debt relief options for consumers who are facing foreclosure is bankruptcy. Between bankruptcy and foreclosure, many lenders favor bankruptcy over foreclosure. If you need to save your home and if you think that it would make more sense to keep or maintain it--you can file bankruptcy Chapter 13. It's like restructuring your debts, putting them in order, repaying them on a set time. Usually 3-5 years. It would also discharge your credit card debts and depending on the state that you live in, you may avail of some exemptions.But again, bankruptcy is only for the desperate, as it would have serious effects on your credit. If you'd like to discuss your financial situation with a financial expert, feel free to fill out a form here at destroydebt.com. You won't be charged for the consultation.
Posted on
August 18, 2009
at
2:12 am
Don't make the debt relief mistake that other veterans did or still do..avoid consolidation loans you'll just end up paying more than you originally owed. Veterans should avoid borrowing money to pay for debts as the source of income is already limited.
Posted on
August 18, 2009
at
2:33 am
Also, beware of debt relief groups that are non-profit..I'm not saying that they all are out to scam you--it's just that there are groups out there whose modus operandi is to take from specific sectors of society, in your case, veterans. They know that you are entitled to some benefits and they want a portion of those.Wait..you did not say if you are a senior citizen as well?If you are a veteran and a senior citizen as well, and is living off your Social Security and benefits, you may be what they call "judgment proof." It means that even if your creditors (if for example your debts are unsecured) sue you, it's unlikely that they'd be granted access to your income (exempted) or your bank account (again, exempted). Do speak with a debt expert before you choose a debt relief option.
Posted on
August 18, 2009
at
2:56 am
Debt relief from the military for active service members (not for the veterans, not for reserves too):The SCRA or Servicemembers Civil Relief Act can provide protection for service members facing foreclosures or any civil action.
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