I am a servicemember, but I also own a business in which I have some pretty substantial debts for which I am personally liable. If I can't pay the debts because of my military service, can my creditors' take my personal assets?
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Don't worry about your personal assets in this situation while you are on military service. The SCRA provides relief for servicemembers in Section 596(a). This section provides that non-business assets (your personal assets) are not available to satisfy the liability while you are on active military service. You won't have to forfeit your own individual assets to pay your business debts, at least while you are on military service.
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Don't worry about your personal assets in this situation while you are on military service. The SCRA provides relief for servicemembers in Section 596(a). This section provides that non-business assets (your personal assets) are not available to satisfy the liability while you are on active military service. You won't have to forfeit your own individual assets to pay your business debts, at least while you are on military service.
