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In the United States military, discharge by purchase was introduced in 1890 for the Army, [2] 1902 for the Marine Corps, [3] and 1906 for the Navy. [4] This practice was abolished in 1953. [5] In the Irish Defence Forces, discharge by purchase is permitted under the Defence Act 1954. [6] Typically, discharge by purchase is suspended during wartime.
The Official Military Personnel File (OMPF), known as a 201 File in the U.S. Army, is an Armed Forces administrative record containing information about a service member's history, such as: [1] Promotion Orders; Mobilization Orders; DA1059s – Service School Academic Evaluation Reports; MOS Orders; Awards and decorations; Transcripts
Chapter 7 bankruptcy. Leslie Tayne, attorney and founder of Tayne Law Group in Melville, New York, says you’re eligible for a mortgage a few years after a Chapter 7 discharge of debt.
Chapter 13 bankruptcy offers a way to reorganize and pay off debts over three to five years without losing essential assets like a home or car. It provides a structured repayment plan and an ...
The disadvantage of filing for personal bankruptcy is that, under the Fair Credit Reporting Act, a record of this stays on the individual's credit report for up to 7 years (up to 10 years for Chapter 7); [5] still, it is possible to obtain new debt or credit (cards, auto, or consumer loans) after only 12–24 months, and a new FHA mortgage loan just 25 months after discharge, and Fannie Mae ...
On the other hand, Chapter 13 bankruptcy focuses on reorganizing your debts. This often includes credit card debt, which means some credit card debt may be included in a Chapter 13 repayment plan.
A dishonorable discharge, colloquially referred to as a "duck dinner", is the worst type of discharge in the US military. It can only be handed down to a military member by a general court-martial : dishonorable discharges are rendered by conviction from a general court-martial for exceptionally serious offenses (e.g., treason , espionage ...
From there, two potential consequences could occur: a case dismissal or conversion to Chapter 7 bankruptcy. Case dismissal. After one or more missed Chapter 13 payments, the trustee may file a ...