MIL People in the Military Filing Bankruptcy

Discussion in 'On Topic' started by USAFdave, Feb 28, 2008.

  1. USAFdave

    USAFdave New Member

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    How can this happen? I have seen it happen way too many times. What could possibly happen for you to put yourself into this type of situation knowing you have a guaranteed income?
     
  2. crucial_fiction

    crucial_fiction Active Member

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    Young balla kids getting themselves into trouble buying anything and everything they can get thier hands on...racking up CC debt, hell even married couples buying houses they really couldn't afford, poor planning etc etc...it happens, it sucks and as a command financial specialist myself, I've seen it all, it's just too fucking bad these kids come to me AFTER they've made poor decisions instead of before. Same goes for the older 'wiser' people I get talking to me as well.
     
  3. USAFdave

    USAFdave New Member

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    Good point. I guess lenders love young people in the military because they can always find them and they have some sort of job security.
     
  4. Drunk Bastard Audio

    Drunk Bastard Audio New Member

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    they can kiss security clearances good bye.
     
  5. crucial_fiction

    crucial_fiction Active Member

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    Not only that, but they know that the soldier/sailor/airman/marine will HAVE to pay them back if they start contacting commands...
     
  6. crucial_fiction

    crucial_fiction Active Member

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    :werd:
     
  7. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    That's not entirely true. Certain criteria need to be met for someone to lose their security clearance due to financial reasons.
     
  8. Drunk Bastard Audio

    Drunk Bastard Audio New Member

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    bankruptcy/bad credit = usually leads to security clearances being denied/pulled or not renewed.
     
  9. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    Case by case basis.

    Bankruptcy doesn't necessarily mean bad credit although your credit is affected. Being a financial counselor, I know that bankruptcy can sometimes save people from getting in deep enough to lose their clearance.

    But that's usually after all other avenues to financial stability have been exhausted.

    It is also best if someone finds themselves in this situation and in fear of it affecting their clearance to notify their chain of command immediately.

    A case I worked on, I had a young E5's mother use his SSN to make several real estate investments in the tens of thousands of dollars. Well, his mother defaulted leaving his credit shot to hell (low 500s). His clearance was pulled for 1 day. He provided his credit info/report which clearly showed that he didn't authorize the investments, (we were on deployment at the time). His mother eventually went to jail, he got his clearance back the next day.
     
  10. jjski78

    jjski78 New Member

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    people doing stupid shit like buying a fucking Escalade when you're an E-3. Then going to Colortime or Rent n Roll to rent to own yo 24 inch spinnas. Then accepting every damn credit card application sent to you and max them all out. Then go and get yourself a payday loan because, oops, you spent your food money. Then defaulting on your cards, get that Cadillac and it's gay ass spinners repossessed, get yourself a nice article 15, lose a stripe or two, and get a fine imposed on you by the government, and you kinda have no choice because there's certainly no way in hell you can afford to pay it all back. I've seen it way too much. I'm almost to the point that when a new Airman says they want to buy a brand new car, I just walk away. Because no matter how much you try to tell them they'd be better off buying a beater for a couple grand off the lemon lot, they just don't fucking listen.
     
  11. Zee

    Zee New Member

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    As long as you are doing something about your credit problems (i.e credit counseling) they will have a tough time pulling your clearance
     
  12. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    Funny you mention that. We were doing a car wash fund-raiser on base. Up rolls a 2007 Escalanche/Avalcade on 26" wheels. Tricked out with chrome and everything. We were expecting a senior enlisted or officer to flop out but it was an E4 (Cpl). :eek3:

    So we had to ask him how he's so baller like that. He said, "4 tours in Iraq."


    So jokingly I said, "So how do you like living out of your SUV?" He didn't laugh. :)
     
  13. widds2v

    widds2v Active Member

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    Cause 4 tours in Iraq of not wasting your money on a $5000 XPS laptop you could pay cash for most of that thing then have normal car payments :)
     
  14. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    Very true.

    For what he had in/on it, I doubt he had anything left in his bank account.

    He wouldn't give us a figure but.....

    Escalade - $56K
    26" DUBS/tires - $12K
    ICE - $10K

    $78K approx total.

    Not to mention normal expenses like Premium gas, maintenance, insurance, etc.

    Not hating at all. More power to him but to me, it just didn't seem like a very wise investment. Especially one he will never get his money back on.
     
  15. widds2v

    widds2v Active Member

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    we have a CS on our ship that likes to rent an escalade when we pull in to foreign ports to show off, usually its like $400+ a day. some people just have no sense at all.
     
  16. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    Wow, that's really a waste of money. Fake Baller. LOL
     
  17. jjski78

    jjski78 New Member

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    In the Army or the Corps I could see being able to virtually pay cash for it after 4 tours. Provided you had no other bills when you left, lived in the barracks, and were single. But in the AF?? We only do 4 months at a whack, so there's no way in hell they can get the scratch by the time they sew on E3 to pay that fucker down to the point where the payments would be manageable.
     
  18. shiba

    shiba Active Member

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    pawn shops, payday loans, credit cards, title pawns, etc.
     
  19. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    All PayDay loan places here have been blacklisted and cannot/will not loan to anyone in the military.
     
  20. Sharkticon

    Sharkticon The safest place in combat is on an AEGIS Class Gu

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    I can see Soldiers pulling this off with 15 month deployments. Marines usually do 7 months. Sometimes more.
     
  21. widds2v

    widds2v Active Member

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    navy could do it too, except you do 40 days straight then get 3 days in thailand or hong kong. who the fuck isnt gonna go balls to the wall out there? say goodbye like $300+ a day.
     
  22. Maffy29

    Maffy29 Active Member

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    Whats the command going to do? That is just like calling your employer and telling them to make you pay your bills. The CoC can take steps to help the soldier or point them in the right direction, but they can't force them to pay their bills.

    Case in point:
    A PFC I was on active duty with took out a small personal loan with a loan company (not a payday loan place). He ended up stopping the allotment that they made him set up. So they ended up calling the office we worked in. After a few calls they finally caught our NCOIC in the office. He told them that while he will talk to his soldier and let him know that he should take care of his bills, there is nothing he can do to force him to pay. The PFC got a lecture about paying bills on time and fiscal responsibility, but that was it.
     
  23. jjski78

    jjski78 New Member

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    And that right there is the reason businesses in Fayetteville, NC don't like to lend squat to the Army. In the Army you get a "stern talking to" and sent on your way. In the AF, if you don't pay your bills, you get an Article 15, lose a stripe, and pay a nice fine, usually around $300 a month for 2-3 months. So now you're really screwed because you have less money, and really can't pay your bills. So then you get A15'd again, and they boot your ass for financial irresponsibility. See the difference in the way different branches handle the same problem??
     
  24. NPH

    NPH Guest

    One word: Divorce (bitches are ruthless out there, specially when they have powerful shit such as power of attorneys when you are not home to control financial decisions on your own in your name).
     
  25. NisAznMonk

    NisAznMonk New Member

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    I thought divorces in the military was easy? Just go to the base Law Office and request a form. I've seen it a couple of times when I'd have to go up there to get my car registered.
     

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