Veterans, service members, and their families often go through times of hardship. Some of the challenges are unique to the military experience, but many troubles are the same as those found in civilian life. Financial struggles are a part of life for people of all backgrounds, and sometimes the only solution is to file for Chapter 7 or Chapter 13 bankruptcy.
If you’re a veteran, you may be concerned that filing for bankruptcy will eliminate your benefits. However, President Trump signed the HAVEN Act last summer, which can help alleviate this worry. The HAVEN Act helps to ensure that certain veteran benefits to you and your family won’t be considered part of your Current Monthly Income (CMI) when you file for bankruptcy.
Some of the veteran benefits excluded from CMI include:
- Combat-related compensation
- Disability severance
- Payments to survivors of deceased military family members
- Disability-related retirement pay
- And more
This is a brief overview of how the HAVEN Act can help veterans with their bankruptcy, but there are many intricacies that can make things confusing and overwhelming. If you’re a service member or veteran considering bankruptcy, it’s important to talk to an experienced bankruptcy attorney to help guide you through the process.
Get Your Questions Answered By A Battled-Tested Bankruptcy Attorney
For more than 25 years, Attorney Joel R. Spivack has been helping people across South Jersey and the Philadelphia area file bankruptcy under Chapter 7 and Chapter 13. Contact my law firm today for a free, in-person consultation at my Cherry Hill office. My regular business hours are 8 a.m. to 5 p.m., Monday through Friday. Free parking is available. You can reach my firm by phone at 856-488-1200 or contact us through our online contact form.
The articles on this blog are for informative purposes only and are no substitute for legal advice or an attorney-client relationship. If you are seeking legal advice, please contact our law firm directly. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.