Everyone knows – at least generally – what it means when a person is “bankrupt.” It means that a person no longer has the money to pay off their debts. But what, exactly, does “bankruptcy” mean, in a legal sense? This article is intended to provide an answer to that question as well as a very brief introduction to the two major forms of bankruptcy that are available to individual consumers: “Chapter 7” and “Chapter 13.”
Commercial Law
If a service member receives order to relocate to a new area for 90 days or more, and the service provider does not support coverage in that location, the service member may terminate the contract under the SCRA.
While the service member is on active duty, the SCRA caps most preexisting loans or obligation to 6% a year. All excess interest is forgiven during the period of active duty and the loan is changed to reduce monthly payment fees.
Auto Lease Termination
The Servicemembers Relief Act allows active duty servicemembers to terminate an automobile lease, without having to pay additional charges, if one of the following situations apply: