For the children, Reserves have a dependency limit of 7. Age and dep's are not an issue, however, the bankruptcy is. Talk with your recruiter about the situation behind the Bankruptcy and see what he/she can do. I would realistically set your expectations for not being granted a waiver for the Bankruptcy.
It never hurts to try, so pick up a phone and set an appointment!
These poor, plain men, dwellers upon the lonely sands of Hatteras, took their lives in their hands, and, at the most imminent risk crossed the most tumultuous sea…and all for what? That others might live to see home and friends. — Annual Report of the U.S. Life- Saving Service, 1885 Recruiting Website Read here for answers to the most often asked questions about joining the Coast Guard!