Veteran Benefits and Bankruptcy
The federal government provides some important bankruptcy exemptions for veterans that are available in conjunction with state benefits. These bankruptcy exemptions help veterans protect the benefits given to them by the federal government for their military service. A veteran filing for bankruptcy may be allowed to retain a variety of different types of assets or property.
To learn more about the bankruptcy exemptions available for veterans, contact the Birmingham bankruptcy attorneys of Greenway Law, LLC, at 205-324-4000 today.
Federal Exemptions for Veterans
A veteran may be able to take advantage of federal exemptions available to protect benefits they were awarded for their military service. These benefits often provide necessary income or financial stability for a veteran who needs some form of assistance. In some instances, these benefits are of critical importance for veterans, and the government understands that protection from bankruptcy is a fair treatment for these individuals.
Under federal non-bankruptcy laws, the following exemptions are available for veterans:
- Deposited money left in savings accounts while serving overseas
- Financial benefits
- Group life insurance
- Honor roll pensions
- Medal of Honor benefits
The benefits available for veterans cover the full amount of these assets and forms of income.
If you are a veteran dealing with seemingly insurmountable amounts of debt and you are considering filing for bankruptcy, you may be entitled to certain exemptions available from the federal government. For more information, contact the Birmingham bankruptcy attorneys of Greenway Law, LLC, today by calling 205-324-4000.