In Anchorage, military service persons represent a large portion of the people filing bankruptcy.

 

This is because:
1. Military spouses often cannot find employment or can only secure a lower paying job. Without the income from that second job, you can no longer pay the debts you bring with you to Alaska.
2. Base day care is often full and is much more expensive than anticipated. This is even more difficult if the military spouse can only find a lower paying job - one which will barely cover day care costs.
3. Moving is expensive regardless of what the military covers. You still replace numerous items and are not prepared for the costs of cold weather clothing. MOVING IS EXPENSIVE.
4. Because you have regular employment, military members can usually obtain easy credit for the purchase of major items. However, the credit you get is very, very expensive - the interest rates are much higher than the average credit card.
5. Military members do not have six (6) months to a year to get through a period of financial difficulty. Creditors are well aware that if you are one or two months late in payments, all they need to do is to call your commanding officer, and you will be forced to pay immediately or face a discharge. Unlike military persons, most people have the time to juggle bills and hope that something will come along in a year or so to help them with their debts. Military personnel are not given this time.

If you find that you are not able to pay your bills and you are juggling accounts, talk to a professional. Get information concerning your options.

WORKING TWO JOBS TO AVOID A BANKRUPTCY IS NOT SUSTAINABLE.

Make a realistic decision concerning whether you can pay off your debts with interest
in less than 5 years. If you can’t, get advice - see an attorney, talk to friends who have filed bankruptcy. There are reasons that so many military service people face bankruptcy.