If you start the process of bankruptcy but vacate from it rather then continue and have the debts discharged would this still be held against you for the the purposes of joining the reserves?

Yes. Discharges, Charge offs and bankruptcy's are all red flags with enlistment. You best bet is to set up payment plans with your creditors.If you are current on all debts, then you wont have issues. Talk with your recruiter!

chuckles, do you have the current regulation regarding bankruptcies and enlistment so that I can research it? I have already filed for bankruptcy and would conciser vacating rather then receiving a discharge if that will allow me to join the reserves. The reason for the bankruptcy is not due to wreckless spending or partying, up until this I always maintained a credit score in the high 700s to low 800s, without getting into the details I had to spend every penny I had plus my entire line of credit. Thanks for the help.

( in case someone doesn't under stand vacating, it simply would mean that I filed that paper work but the bankruptcy never happened)

IF the bankruptcy did not happen, it might be okay. Your recruiter would have to review the specifics. The bigger problem would be the delinquent accounts or charge offs. Your credit is very important. We will look at your debt to income ratio. If your ratio of debt to income is to high, you will be disqualified from service. Your debt to income is 30% for active duty and 80% for reserves. For reserves, it includes your civilian pay and military pay combined. For Active duty, it is your active duty pay. Your bankruptcy, if you file, will be an instant Disqualification.

Talk with your local recruiter and put it all on the table. He/She will be able to give you better information than the internet can.

I wish you the best of luck!

chuckles, thank you for the information and help.

Will you get an automatic dq if you have a charged off credit card?

Sorry for all of the duplicates was doing it on my iPhone. And I don't know how to delete the messages.

Mr Magic,

I gotcha covered. I deleted your dups for you! I know it makes me crazy when my phone goes berzerk and posts things multiple times.

Macie

charge offs will be an issue, history of late payments, or charge offs are looked at very hard. get with your recruiter and He/She will be able to explain the specifics of your situations.

Chukles,
What exactly is looked at for the debt/income ratio (i.e. credit cards, loans, cell phone, insurance, etc)?

Anything that is on your credit - mortgage, car payments, credit cards, loans.

Originally posted by GM2000
If you start the process of bankruptcy but vacate from it rather then continue and have the debts discharged would this still be held against you for the the purposes of joining the reserves?

If you vacate from filing the bankruptcy rather than to continue it, talk to your lawyer or find a good adviser who could help you on that matter like what I've found in the cincinnati bankruptcy attorney who has given me all the information i need..

I hit a pretty rough patch 2 years ago and had to file a bankruptcy. I was lucky that my recruiter was able to send it up to headquarters and get it waived. I know it is a long shot and I was definitely lucky to get that waived but I just want to throw hope out there for folks because if I got it waived then there has to be a chance for others too!