MasConcepts Incorporated

I’m looking for advice from anyone who has been in a similar situation, especially other service members.

I’m an active-duty Army and currently have about $52,000 in unsecured debt ($45,000 in credit cards and a $7,000 consolidation loan). The debt accumulated over the last 3 years through a combination of two deployments, three military schools, a PCS move, and significant veterinary expenses. My dog required multiple surgeries, and despite doing everything I could, I eventually had to rehome him because I could no longer afford the ongoing medical costs. He later needed additional surgeries that I simply couldn’t justify financially.

For the last year and a half I’ve managed to stay current on my payments, but the last 3 months have become extremely difficult. I recently came up short on one minimum payment, and I’m now at the point where I can barely keep up. It feels like most of my money is going toward interest rather than reducing the balances.

I also have a vehicle loan, but my main concern is the unsecured debt. I want to stay in the Army and complete 20 years. I’m not looking to walk away from my responsibilities, and I’m willing to repay what I owe. The problem is that the interest rates are making it feel impossible to make meaningful progress.

My questions are:

1. Has anyone had success getting help through Army financial counselors or other military resources?

2. Has anyone filed Chapter 13 bankruptcy while on active duty?

3. Would filing Chapter 13 have any impact on my Army career, security clearance, or ability to remain in service?

4. Are there other options I should consider before bankruptcy?

I’m trying to make the smartest decision possible before I fall further behind. Any advice or personal experiences would be appreciated.