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
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