Medford mail tribune. (Medford, Or.) 1909-1989, June 25, 1963, Image 14

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Medford mail tribune., June 25, 1963, Image 14

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Newspaper Page Text) IZCTIQN B PAGES 1 to Medford Tribune 1 c-j MEDFORD. OREGON. TUESDAY, JUNE 25. 1963 ! "- . i ... i ii - in 1 I Your Money's Worth P.. CVIVIA DODTCD V J rflbf in I Wll n g Copyright. Hill Syndic!. Inc. HOW TO CONTROL BANKRUPTCIES In California 156 of every 100,000 residents filed petitions S in bankruptcy in 1961. making California the "bankruptcy j S capital" of the nation. In New York only 21 of every 100.000 'I went bankrupt, putting New York way down in 36th place on the state bankruptcy list. Why this glaring disparity be- tween our country's two biggest states? The answer is that California's laws governing garnish :i ment of an individual's salary or wage are so stiff that they j are fair neither to debtor nor to creditor. Strong-arm col-; I lection laws can so torment a distressed debtor that he feels i he must escape through the bankruptcy hatch. In contrast, New York's garnishment laws are much more considerate to the debtor, much more productive to his creditor and much 1 j easier on his employer. As a further illustration of the tie i between these laws and bankruptcies, Illinois has shown i the greatest decrease in the number of bankruptcies in the I country since she modified her garnishment law in July, ; i 1961, while bankruptcies have soared in Iowa since she ; j tightened her garnishment laws in 1957. The lesson is clear: , t States which have unduly tough garnishment laws should review and liberalize them for the sake of debtors, creditors ! and employers. I The total of bankruptcies in the U.S. is now climbing .) sharply, will reach an all-time high of over 150.000 by the time this fiscal year ends July 1. What can be done I to reverse the trend? Modification of over-tough state laws is obviously in order. In addition, her are some f practical proposals by Linn K. Twinem. chairman of the consumer bankruptcy committee of the American Bar Association. ' (V) Our antiquated Bankruptcy Act should be thoroughly overhauled and geared to today's realities. The basic act was passed late in the 19th century - before any concept of con- stimer credit! - and its two-fold purpose in that era was primarily to help rehabilitate an honest though distressed t tusiness debtor and to provide ior speeay aisiriouiion oi ma t assets to his creditors. But today, nine out of 10 bankruptcy I petitions are filed by individuals, not by businessmen, in almost all cases, there are no assets whatsoever for distribu tion to creditors. The Drocess in Dersonal bankruptcy cases is simply too mechanical. Bankrupts "usually are discharged without even I . getting advice on why they got into trouble and wnat to do to stay out of trouble in the future. Referees in Bankruptcy do not have adequate powers to correct abuses either by bankrupts or by attorneys interested mostly in collecting lees. "The law should be modernized," says Twinem, "to ineet present-day circumstances in the consumer credit field." (2) Alternative remedies for overloaded debtors should be developed and widely publicized. The National Foundation lor Consumer Credit in Washington, D.C. has an excellent counseling service. The International Instalment Credit As sociation in St. Louis, Mo., has a Manuel on Family Debt Counseling Procedure, the AFL-CIO has a consumer counsel program. In Phoenix. Ariz., Family Debt Counselors, and in Columbus, Ohio, Capitol Finance Corp. have pioneered ; j with family money management programs. I (3) If bankruptcy appears the only way out. use of Chapter XIII of the Bankruptcy Act should be encour- i d und also widely miblicizea. unaer mis cnopier, a plan can be worked out so a debtor can pay his debts out of future earnings over a three-year peziod during which he is supervised and protected by the bankruptcy court. Most lawyers know little about the Bankruptcy . Act. Surely few individuals know about Chapter XIII. An authoritive estimate is half of all straight bankrupt cy procedures by individuals should have been Chapter XIII proceedings instead - helping the debtor, his credi tor, the entire community. (4) Obviously essential is better education of the individ- ual on use of consumer credit, for the underlying cause of most bankruptcies is the individual's own extravagance. (5) Finally, imperative is better control of the operations ,i of "easy credit" retailers who entice the ignorant into un ; warranted purchases and woo the new bankrupt because ' they know he cannot go bankrupt again for six years and ' he's at their mercy if he" defaults. Bankruptcy is still only a fringe but it's a fringe which among employees has grown more than 450 per cent just in . 10 years. That trend is nothing to be complacent about. i STAR GAXER? ASUS yfj MAR. 2: APR. 20 3?J3-56 1) TAUIUS 35-37-40-43 -V 60-73-73 GEMINI jce 2: 46-384 76-79-8&I CANCER JL-.E 23 JULY 23 0 1-25-33-5P .80-82 uo : jiy 2 KT 7 10-t3 31 MV52-55 66 VIRGO YTf -; 2' I id- s 22 1 ,0,1,16-lMd tSy 46-5643 -Bv CLAY R POLLAN- M Your Ooilr Admlr Guite JK According lo the Slori. " To develop message for Wednesday, rcod words corresponding to numbers of your Zodioc birth sign. UBRA EPT. 21 -4-t OCT. 23 23.3Y.44.50rV- 69-70-83-84; 1 Mm 2 Work 3 Accent's 4 Keep 5 Bod 6 On 7 Keeo S Nor 9 Weothr 10 Your 11 New 12 You II 13 "e'sonol U Vvof-y ISEo'i 16 Friend 17 PoslDon 18W-" 10 Hapo'nesk 20 Any 21 You 22 Good 23 look 2 Move 25 Money 25 Be ;7T.m 28 Is ?0A.kJ jO Condition. 31 Ploni 32 You' 33 New 34 Evet 35 Pe'tonol 36 Mailers 37 Finances 38Somewrot 39 For AO Show A) An 42 Open A3 Answer AA Leods 61 And 62 Money 63 Refreshing 64 Plons 65 Dot 66 Change 67 To 68 Losses 69 And 70 Promising 71 Allowances 72 Remember 73 And 7A Budge's OCT 24 JOV 22 62-68-8) -85 4-15-29 34 (STi r42-53-87.89'jU 45 Considerable 75 Trouble A6 Prove 76 Others' A7 Imoortonr 77 Home AS St'mulot.ng 78 Loughier A9 Dependent 79 Actions 50 Suggest-oni B0 Hopp-ness 51 Upon 52 Subiect 53 Maki 5A And 55 To 56 Now 57 Involving 58 And 59 Bus-ness 60 Strom (VpGood (g) Adverse 81 Are 82 Shown 83 Money . 8A Propositions 85 Predicted 86 Today 87 Wr.tten 88 Insurance 89 Notes 00 Security j Neutral SAGITTARIUS NOV 21 DEC CARRICORN DEC 21 H. 20 (21 24 41-4741 7-72 AOUARHJS i-trj it vy . 3- 6-19-2Za p7-i-78 vsy mcis WAR 21 17-20-36-57, pi -7490 17 SHETLAND PONY AND EQUIPMENT FREE GRAND OPENING SAT., SUN., JUNE 29 & 30 9 to 9 (No PurthstM Neccuary) CRATER LAKE HWY. to WHITE CITY j 16 STORES... HOMES... POOL STORE-WIDE t a in a 3 lu.D.ZI WEDNESDAY - THURSDAY - FRIDAY - SATURDAY! a THOUSANDS OF DOLLARS WORTH OF DECORATOR STYLED HOME FURNISHINGS NOW ON SALE THROUGHOUT OUR STORE! IMPORTANT REDUCTIONS IN ALL DEPARTMENTS! We MUST Reduce Our Stock DRASTICALLY Before July 1 Inventory . . PRICES are SLASHED! IMPORTANT SAVINGS for the WISE SHOPPER NOW! DOZENS OF BONUS BUYS LIKE THESE IN EVERY DEPARTMENT! EARLY AMERICAN LOUNGE CHAIR Naugahyde Upholstery, Innerspring Seat and Back. Ideal for Den or Family Room. Was $79.50 S CLEARANCE 39 Nylon Tweed Carpet Continuous Filament Pile, no fuziing or piling. Choice of Cedar Beige or Pacific Green Tweed. S195 Was $7.50 Sq. Yd. CLEARANCE Sq. Yd. TWO-PIECE SOFA SECTIONAL with bumper curve end, seats 6 on soft foam cushions- Contemporary design, Charcoal Brown upholstery. DISCONTINUED COVER FLOOR SAMPLE Was $499.50 S CLEARANCE 299 LOVELY MUTED ROSE DAUASK SOFA Handsome Tuxedo styling, blends with many decors, over seven feet of living room ele gance. "DEEP-DISH" SPRING DOWN CUSH IONS for luxury seating comfort. Was $569 S CLEARANCE 2m SHOP EARLY FOR BEST SELECTION -QUANTITIES LIMITED! BIGELOW I Contemporary Styled So and I I 6 PC. JUNIOR I I WROUGHT IRON SOFA HVinilftARPFT MflTMIII'lf! ftllAIR SFT DINING GROUP Antique White and Gold weather-proof fin- (I I luii UHnrc I iiih i uiiiiiu uiihiii gi. i m d d f b8 ( ch ( w n t I h "Coi( pu t c tovtrd cuih!oni u$ ouN Heavy DuPont Continuous Filament Nylon in Fo,m Rubber Cushions, heavy textured Tan- Plastic Table (seats 8), and matching Buffet. doors on patio er porch. Also indoors, Una! soft Beige Moresque bark weave loop pattern. e ind Cnartoa, Brown upho,ry. Contemporary Classic. Sturdily built for daily or , room. Loomed for many years of hard wear. . . family living. . . LOTS & LOTS OF EASY FRONT POOR PARKING! F0TnTvl?',r D II ' u" 1 1 Hi-Lo Spindle Bed 1 1 Deluxe 5-pc. Game Set I BEDROOM SETS Idle UI3SS IlllrrOrS Mipe fjnilh Twi wifh , hidden ,x)ri $0id walnut Chairs with hand woven cane UkHHVVIII Whlw bed, ideal "extra" for summer guests. Steel backs and foam seats. Walnut AA" Table with Moonmi.. Maho,.ny with .haded Gold .do in,. Drats- To spark up any setting. Full bevel edges, Deo, iceai extra Tor ,umm r ,..r.ihl. Int too of felt or white formica ., h i. I.r9. ..or.o. dr.w.ra. ,.omy bookc... ,,, moun. 28 x 36 ind 30 x 40 ,iie,. ra.ls, sturdy Innerspring mattresses. revers.ble inset top of felt or white torm.ca. headboard bed, adjuitablt gold framed mirror. Was $210 SKI 'HO Were to $34.50 S O Was $159.50 3001 Was $905 iii CLEARANCE II lu CLEARANCE 110 CLEARANCE 91 91 CLEARANCE ) QfQ) NO DOWN PAYMENT -UP TO 24 MONTHS BUDGET PAYMENTS! nite stands 1 1 flccaSIOIIAL TABLES I SLEEPING BEAUTY! occasional tables Walnut and Maple "Lert-over." Mix and Match. VVVnWIVlinb inUliliV famoua H.rltaq. Cantonal Shall Walnut, choice of W don't want 'cm! Foam Cushion Lounge with removable bolster man-iiied cottee or popular wedge end tables. Were $39.95 SO Oriental Walnut ensemble with wood-grained back for stretch-out room. A dream in a denl Were $159.50 SJ CLEARANCE 'rJ plastic tops that defy "heat and hurt"-beau- Persimmon textured plysilk plastic for easy CLEARANCE W tiful accent pieces. care and hard wear. MANDARIN WALNUT ft EBONY KING SIZE BEDS O fl B CHOW TABLE Genuine Maple Spindle Headboard., for 2 twin, or ycre $34.50 01 EkX WiS S119-5 W i M for corner Or cocktail 1 king tiie mattren, inelud.no Hollywood frame.. D Tl .......i.a MR $49 CLEARANCE 13).- CLEARANCE fl fl . $55 ALL SALES FINAL-NO EXCHANGES OR REFUNDS! 300 BARIiETT ROAD Phone 773-4000 YOUR FAMILY FURNITURE STORE" r "YOUR FAMILY FUf emmp ASK YOUR FRIENDS and NEIGHBORS . . . THEY'LL TELL YOU A DEMPSTER SALE IS A REAL SALE! "SHOP AT THE STORE WHERE YOU PARK AT THE DOOR"