The Benefits of SCRA that You Need to Know
Are you a business owner also working in the defense manpower data center? If you are a business owner, you know that there is always more to learn. The business world is constantly changing, and it’s crucial to stay up-to-date on the latest trends and information. One topic that all business owners should be familiar with is SCRA. SCRA is the Servicemembers Civil Relief Act, and it provides specific protections for military members who are called to active duty. In this blog post, we will discuss the benefits of SCRA and how your business can take advantage of them.
Run a Business While Deployed
If you are called to active duty, SCRA can help you keep your business running. Under SCRA, you have the right to terminate or suspend any contracts with your business. It includes leases, loans, and credit agreements. You can also delay or suspend payments on any of your debts. It can help you avoid worrying about your business while you are deployed.
If you’re a service member and have questions about SCRA, contact the legal assistance office at your military base. They can help you understand how SCRA applies to you and your business.
Protect Your Assets
If you are deployed, SCRA can help protect your assets. Under SCRA, creditors cannot seize your assets without a court order. It includes your home, car, and any other property you own. It can be helpful if you are worried about selling off your assets to pay back your debts. Lawfully, creditors must obtain a court order before taking any action to collect on a debt from you. If a creditor contacts you, tell them that you are deployed and ask them to send you the information in writing. You can then contact the legal assistance office at your military base for help.
Get Lower Interest Rates
If you have a loan, you may be able to get a lower interest rate while you are deployed. Under SCRA, the maximum interest rate on your loans is six percent. It can help you save money on your payments while you are deployed. You will need to provide your lender with a copy of your deployment orders. Once they have this information, they should lower your interest rate. If you have questions, you can contact the legal assistance office at your military base.
SCRA can provide service members with many benefits. If you are deployed, be sure to take advantage of them. Your business and your finances will thank you for it. It is the best legal tool to protect you and your family during these challenging times. Contact the office of legal aid at your military base for more information. They can help you understand how SCRA applies to you and your business.…
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