Summer Jobs Students Learn About the Importance of Money Management

Over the course of two seminars, our Summer Jobs interns rounded out the real-world experience from work with a financial literacy program designed to provide guidance as they begin to make impactful financial decisions.

Molly Sharon (U.S. Bankruptcy Court) and Leslie Storm (Bankruptcy Appellate Panel) guided the students through financial basics, such as the differences between checking and savings accounts, what to look for in a bank/credit union, and how to read credit card statements. They emphasized the importance of making your money work for you by researching the benefits and fees associated with certain accounts and credit cards. The students also learned about creating a budget that takes all their expenses into account and ensures they can meet their obligations. The students were able to ask questions they had about the taxes withheld from their paychecks and learned how to understand their pay stubs.

The lesson served as a foundation for the following week’s seminar, in which students witnessed a simulated meeting of creditors that explained the consequences debtors face when they can no longer keep up with their expenses. While the lesson itself illustrates someone filing for bankruptcy in part because of irresponsible money management, the bankruptcy attorneys who conducted the presentation emphasized that most of their clients are forced to file for bankruptcy due to circumstances beyond their control.

Alex Mattera, a partner at Demeo LLP, played the role of the debtor during the faux bankruptcy hearing the students observed.

“In this case, I (the debtor) didn’t have to get into this situation, but most people have no choice. For example, many people file for bankruptcy because of mounting medical bills due to something like a catastrophic injury,” he said.

Co-chair of the BBA’s Financial Literacy Committee Douglas Rosner (Goulston & Storrs) and attorneys Jessica Youngberg (Veterans Legal Services), Gary Cruickshank (Law Office of Gary W. Cruickshank) and Kathleen Cruickshank (Murphy & King) also participated in the mock hearing.

After the meeting of the creditors, students watched a mock court hearing play out over the debtor’s continued failure to pay his car payments. Judge Joan N. Feeney presided over the matter, and students had the opportunity to volunteer to play the role of counsel on either side and as volunteer law clerks. Afterwards, Judge Feeney answered their questions about how she got into bankruptcy law and the interesting and challenging aspects of being a judge. She and the bankruptcy attorneys in the room described pursuing bankruptcy law because they wanted to help people and businesses with their chance to start over financially after facing a hard time.

Holland & Knight intern, Lily Kelly, confers with Mary Murray (Courtroom Deputy) with Judge Joan N. Feeney presiding.

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