) 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
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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"