Earlier this month, Michelle Singletary’s column in The
Washington Post cited an alarming statistic: 1 out of 4 members of the
armed forces and their spouses reported having more than $10,000 in credit card
debt. Responding to this overwhelming need, the Boston Bar Association has
enthusiastically endorsed the Veterans Bankruptcy Initiative, an extension of
the Boston Bar Association’s Yellow
Ribbon Project. This preventative financial education program is designed to
address the financial situations unique to armed services personnel in
Massachusetts, whether pre-deployment, post-deployment, or retired.
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"Military service can be quite
disruptive to personal finances, especially when a service member is deployed to
a war zone," said Bill Sinnott, Corporation Counsel for the City of Boston. "A
young man or woman may find it very difficult to monitor expenses and to carry
the burden of mortgages, leases, car payments and storage costs while far from
home. It can result in a downward spiral from which many veterans cannot easily
recover."
For those who want to take action, the Veterans Bankruptcy Initiative will be
holding training sessions aimed at increasing the number of attorneys available
to serve as panelists for future veterans' events and assisting with issues of
personal finance for the veteran population. Thus far, the Veterans Bankruptcy
Initiative has provided volunteer panelists for four programs, attended by more
than 100 military personnel.
"Participants in the program will
have the opportunity to help military personnel avoid financial pitfalls and
help people deal with financial distress," said Don Lassman, who along with Mark
Rossi, spearheaded the initiative. "Volunteers will provide guidance on
important issues such as budgeting, obtaining and managing good credit, real
estate foreclosures and bankruptcy"
For more information, contact BBA Public Service Coordinator Stephanie Lee at
slee@bostonbar.org or
617-778-1914