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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (June 24, 1963)
MEDFORO MAIL TRIBUNE. MEDFORD. OREGON MONDAY. JUNE 24, 1963 Your Worth Money's By SYLVIA PORTER Copyright, Hall Syndicate. Inc. WHO GOES BANKRUPT John D. has a job in California factory. Hi earnings have been rising steadily and he has entered the middle-income group of S5,000-$7,000. He Is married, has a couple of children, in recent years has bought a used car, furniture, appliances - all on credit. Until now he has not been in any legal trouble. Today, though, he's up to his ears in it, tor John D. has just filed a petition in the courts to go bankrupt so he can escape from debts which have tormented him to the breaking point. John D. is a composite picture of today's bankrupt. While, fortunately, he is far from typical of today's debtor in the U.S. - less than 2 per cent of consumer and instalment loans end in delinquency - the number of him is growing rapidly and he has become sufficiently important to demand analys is of who he is, why he goes bankrupt, what can be done to reverse the trend. Bankrupts among employes have skyrocketed more than 430 per cent just in 10 years. By the time this fiscal year ends July 1, over 150,000 bankruptcy petitions will have been filed, an historic record. Of the total, nine out of 10 will be personal - versus busi ness bankruptcies. This past April alone, more than 2,000 new petitions were filed, double the entire rise of 1962 over 1961 and the biggest bankruptcy month in history. Leading all states in bankruptcies are California, Illinois, Ohio, Ore gon. Way down the list are New York, New Jersey, Florida, Texas. Who gois bankrupt? It Is astounding that until while ago, no on had avan taeklad the queiiion, but now a major study is under way at Ohio State Uni versity under the direction of Proitssor Theodora N. Beckman, Involving 28,000 bankruptcy petitions filed in Ohio in the last six years. Th final report won't be out until fall, but preliminary analysis indicates th characteristics common to John D. More than 94 per cent of all bankrupts are employed. More than 78 per cent are married, although a fat minority (14 to 18 per cent) are having marital difficulties. The bank rupt probably has at least one child. He is likely to be a factory worker or laborer; few professionals, office execu tives and virtually no farm laborers go bankrupt. He has not been part of a legal action, in the recent past. While the bulk of bankruptcies still occur in the low-income class, the number in the $5,000-$7,000 category has jumped from 8 to 22 per cent since 1956, indicating a shift is taking place to the middle-income groups. On the surface John D. would seem a solid enough citi zen, but still he has filed a bankruptcy petition. Why? ' . As far as location is concerned, it doesn't make much sense to say a debtor can become overloaded more easily in California, Illinois, Ohio and Oregon than in New York, New Jersey, Florida or Texas. The three triggering factors, according to Linn K. Twinem, chairman of the Consumer Bankruptcy Committee of the American Bar Assn., are: un duly stiff laws governing garnishment of wages or salary and deficiency judgements and unrelenting collection pres sures. In the first group of states, says Twinem, the strong arm collection laws may cause a debtor so much distress STORMY Chicago-JlW-ln 1962, light ning or lightning-set fires killed 5,012 cattle. 192 horses. 888 sheep and goats, 4.084 hogs and 59.860 fowl. The dollar loss amounted to $1, 617.200 (m), says the Light ning Protection Institute. PAPER PILE New York - KTt - Tonnage produced each year by 3.211 pulp, paper and allied prod ucts manufacturers is greater than the tonnage of automo biles turned out in the United States, according to American Forest Products Industrie. Try and Stop Mc By BENNETT CERF- ANEW PATIENT appeared in a doctor's office to ex plain, "Doctor, I'm disturbed. A week ago I came home to find my wife in the arms oX another man, who talked me into going out for a cup of coffee. The next four nights, exactly the same thing happened." "My good fellow," said the doctor, "it isn't a doctor you need; it's a lawyer." "No, no," insisted the pa tient. "It's a doctor's ad vice I want, Tve got to know if I'm drinking too much coffee." A cute girl graduate at Wisconsin Teachers' Col lege accepted her diploma with a becoming blush. "How long do you intend to teach?" she was asked. She anawered, "From her to maternity.- According to a note front' Rim Grume, Adam got bored with life in the Garden of Eden in general, and his wife Eva in par ticular, and went on a bender on fine Saturday evening. When he returned home he fell into a deep, deep slumber. When h awoke Eve was bending solicitously over him counting his ribs. O 1963. by Bennett Cert. Distribute! by Kins Featurea Syadkate Multiple Mishaps Claim 57 Lives Br Uniled Press International haymow of barn in Jackson More than a half dozen families were nearly wiped out during the first week end of summer by tragic accidents in the water, in the air and on the ground. At least two persons drowned water ski ing. A United Press Internation al tabulation shewed that at least 57 persons died in acci dents claiming three or more lives. Others died in single and double fatality mishaps. There were unusual acci dents. Two young cousins, Kathy Lynn Hutchinson, 3, and Carrie Sue Lumpford, 5, burned to death after they played with fireworks in the county, Indiana, Saturday. Judy Jones, XI, senior at Indiana university, was stran gled when the tow rope broke a she was water skiing on Lake Lemon near Blooming ton, Ind. Robert Lyle Goode, 34, wearing a lift jacket, drowned Sunday in a lake south of Mattoon, 111. Offi cials said he was exhausted from the skiing. If you remove the fat from soup by straining, use a cloth that has been dipped in cold water. It will remove more fat than a dry cloth. Goldwaler Modifies Civil Rights Stand Los Angeles - (ITU - Sen. Barry Goldwater (R-Ariz.) has confirmed he "slightly" modified his stsnd on civil rights legislation with regard to education, but said flatly he would not support cloture to block an expected South ern filibuster. "I never voted cloture, and I won't at this time," said Goldwater regarding Presi dent Kennedy's civil rights program. Goldwater, regarded as a major potential Republican presidential candidate for 1964, was asked to comment on remarks by Sen. Jacob K. Jevits (R-N.Y.) to the effect have shifted his position on civil rights. Javits said it would mean a major break through, it Goldwater' would vote to kill an expected Southern filibuster - presuma bly by voting for cloture as gag rule. But Goldwater made two points clear: -He will not support s cloture move, "because I think it is a right and I don't believe rights should be re fused." -He stated he believed there was great opposition to the public accomodations sec tion of the civil rights meas- Goldwater was supposed to ure, and he also opposed it. 1Z Ctll CREDIT EQUITY for Peace) of Mind lliminat Warries of Back Sills Without Sorrowing With Planned Dee It ad nation CALL 773-7103 201 Medical Cantar tUf. Master', Ore. that he is forced to the shield of bankruptcy. A deficiency judgment for, say, $1,000, after his car has been repossessed and sold, may be the final hurt compelling him to seek the bankruptcy escape hatch. It is significant that New York and New Jersey have much more moderate gar nishment laws and there is no provision for garnishment in Florida or Texas. As for underlying factors, on obviously is ih debtor's own extravagance. Another is overloading by careless or indifferent credit grantors. A disgrae to th entire retailing buiinan ar th operations of shoddy retailors who invite new bankrupts to buy everything from cars to jewelry beco.jae they know ' how bankrupt cannot go bankrupt again for six years, and thus, if he defaults, lhay can rposts th purchase or garnish his salary without tear of losing much, if anything. Additional factors are loss of job or overtime pay, mari tal difficulties (divorce or alimony payments), sickness or injury. A 1960 study showed "medical expenses" as the third most common type of debt listed by bankrupts. Tomorrow's column will analyze what can be done to keep John D. out of trouble and out of bankruptcy it he does get into trouble. Ti" V HAPCO'S SUMMER LIMITED TIME PRICE REDUCTIONS! New, 1963 iikxMi! 2 frara-gtrrW'i r fill I a. 1 M aAcCT HI 11 si 1:1 I TWO-DOOR 'NEVER DEFROST MODEL IS SALE SPECIAL! Certain for etardom in oar SUMMER SALES SPREE 11 O-E'a bif 11.2 combination re friserator -freezer, which puu an end to all meaay defroatinc for ever . even m the 81-pound food -freezer compartment. Take a look at the price! Beside complete defrosting automation, this slim, trim 18 inchea wide beauty ia loaded with all the feature that make Q-E the leader. It has three epecseue shelve, door ahelvoa deep enough to hold hair-gajlon milk container! and tall bottle, plus a full-width vegetable drawer that keep 1 0 bushel of produce a frath a they came from the garden. 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