Many active duty military families face much more than the stress of family members stationed abroad fighting a war. With economic down turns and the housing market falling out of control, many military families are now facing, and losing, a financial war.

According to several surveys, military families are hard hit during difficult economic times. In 2004, one-third of military families reported having difficulty in paying their monthly bills. One in five families applied for food stamps or for WIC (Women, Infants, and Children) government aid. Charities like Money Management International which aid these families saw a doubling in cases seeking assistance in the early months of 2007. Another study shows military personnel are three times more likely to go for a cash or payroll advance loan. These factors contribute to the more than 16,000 military families filing bankruptcy each year.

San Antonio based financial company, USAA, reports seeing an increase in mortgage delinquencies among military families. In Virginia alone, the communities surround the major military bases in Norfolk, Triangle, and Woodbridge have seen foreclosures rise over 400% statewide in the first quarter of 2008 compared to 2007. The national average rise in foreclosures for the same time period was 59%.

Many families don’t share the full story to their loved ones to save them worry and to let them focus on their jobs overseas. However, if you are one of the many facing foreclosure or bankruptcy there is something you can do. A Virginia bankruptcy lawyer can talk with you about your financial situation and available options. For military families, the Servicemembers’ Civil Relief Act and the Hope Now program can help save your home and other provisions to the bankruptcy laws apply to military personnel. New provisions were passed by the Senate in 2008 to give more time to active duty military families to deal with financial situations. A bankruptcy lawyer can help you find the answers. This doesn’t have to be a battle you fight alone.