MILITARY SERVICE PERSONS

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 disastrous 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
call your commanding officer or first shirt, 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.

6. Military personnel, being young, tend to overbuy expensive
Alaska cars that they cannot afford unless both the military
member and spouse are well employed.

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

PLEASE DO NOT WORK TWO JOBS TO AVOID A
BANKRUPTCY. YOU DESERVE A LIFE, AND YOUR
CHILDREN DESERVE BOTH PARENTS. Make a realistic
decision concerning whether you can pay off your debts with interest
over three or four years. If you cannot, get advice - see an
attorney, talk to friends who have filed bankruptcy. There are
reasons that so many military service people face bankruptcy.
LAW OFFICES OF JENNIFER L. HOLLAND