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Show p ? , A the -- money to the creditors. People engaged in this form of Charge It has become the debt composition are known favorite phrase of millions of in some states as credit counMisuse of these selors or financial counselAmericans. tiro words produces financial ors. They are usually licenproblems that often develop sed by state law in order to into legal problems. keep out unscrupulous chis-ele- rs. by Kenneth and Irene Donelson i: Lawyer Well - planned advertising, niitand easy availability a desire to keep up with their neighbors has lured many Americans of all ages into debt over their heads. More often, credit makes them impulse I i If Si:. court-appoint- fitlB ititiii-- j r tj 'ifijii! S n it iti 0 Iffy 1 'mi C3! 44; i hiU riimv(Th E. 4800 So. Adorable lent conduct on 0 Kip-- y fjr VHART BR0S!77 Jrtiia 11 ' 255-7293- .'., oq:,; FALCON Convertible., Good condition. Must see to- -, 5. (K) appreciate. 322-15- 00, 65. . 600 B1 irdtop, Runs good. $59. 262-525317 South 5th West 278-013- interior Education, sports and special events center which University of Utah has planned to construct. Architects final plans and THIS IS ARCHITECT'S sketch of overall of Physical specifications noted that facility 4as conceived for national, collegiate, high school and church tournaments. (K) 5. .V.TJ 599 T.V., watersoftner, bicycle,. tricycle, lamp; ski boots, wall racks, used padlocks,-.Xmas tree stand, gas heater, single cardboard file draw--e- rs, sink, toilet washbasin, aluminum double rinse tubs,,, floor tiles, bathinette, table.-- . 262-14- 55. 00 living room with fireplace.-$8,50$500 down. $64.50 )r month plus taxes and---mrance. 00 571-11- Granger area. Mr. Nelson concluded the altercation with 'Lets get this in the newspapers so the voters will know just whatsgoing on." 298-185- 6. 599 ; 'no TIDY KITCHENETTE forsta-- s-l tion wagon with coleman:; stove, water tank, sink, food :i and utensil compartment. : Li:. 364-31: (N) 88. term concept for development of the massive University of 434 VIEWFUL GARDEN apt. Modern 2 bedroom, above capttol; Couple, teens, and older. $95 364-31- 88. Utah campus lands. (vttVKWVvk'77lUi invite tv viUt Mr. Nelson offered his cor- rections. 'Hey, yea, you put my name on that one about the ice cream vendors. I want the credit for that, Councilman Bedont Interjected. t&C iXKHtl&t SuKct&f n vague. n. t6p. n. 71 etmlbU&H 30 tli Annual Eiihibit Salt Lake County O Cardinal 0 Kit ll trotrr coats womws wrrs (nAiN) sum 277-276- 2 Jim Childress, Mgr. ONEtHOURlSERVICEIAlIlDAYlSATllRDAYl RENTALS 467-795- GRAND PARADE 0 Retervationa NOW! lots for your convenience. SAVE WAY TRAILER SALES August 3, 4, 5, 8:30 P. M. PROFESSIONAL ENTERTAINMENT Two 3000 So. State St. 1025 So. Main St. 467-795- 0 364 - 1476 Salt Lake City , The meeting broke up. 0 DeVille j i COTTONWOOD MALL WelL that clears this here slate, the mayor said. THE GREATEST TRAILERS PHONE . j4 ttfuit 7 They were read. 'These minutes are replete with errors,' Mr. Nelson said, And 1 want credit for what I said. I also want what 1 said reported accuratly. See Our Westway Campers : UTAH GLADIOLUS SHOW GLAD HIGHWAYS Svtuxdvtf, rfuftrtt 6 All council members, along with Mr. Nelson, agreed that minutes were innocuous if they were yvu HEADQUARTERS Fire-Ba- 0.)rr 'v ' a 0 to babysitter. ? Casper attended the meeting Tuesday evening to have the minutes read for corrections. The mayor joined in and how can I be blamed, I asked Ben the same said 'Yea, ... : 103 ouncil, Nelson Continue Joust Midvale ,v; -, 32. NEED RELIABLE Ji 1945 las! 70th South Cottonwood Heights . ,;; Year around living. Credo frontage. Wood seculed late:.: 2 small bedrooms and den; Large carpeted and draped ;:: Bankruptcy can eliminate MANS ; 401 EMIGRATION CANYON , COTTAGE sleepless nights over too much debt, but there is one definite limitation: A debtor can file IWIATItS (FIAM) tKHtTS (HAM) . CN3b and mattress;,, for double bed. Like new. records. Ttousm it 90. 509 BOX SPRINGS only one voluntary petition in bankruptcy within a six-ye- ar period. If your debts havent reached the point of bankruptcy, various exemption laws may help you. Under these statutes, you can own up to a certain amount of personal and real property that your creditors cant seize. This property is said to be exempt from attachment or execution. Every state has exemption but the property statues, classified as exempt varies from state to state and frequently changes to keep up with the times. Be sure to ARCHITECTS FOR UNIVERSITY facility point out that the check with a lawyer cm these facility and its proposed utilization are part of a broad, long laws in your state. plan that is becoming increasingly popular for use by debtors who hope eventually C to pay off their creditors and assets thus keep all their rather than go through straight The Midvale City Council, The City Council also had bankruptcy is Chapter xm Tuesday, was questioned as a hearing with Archie Nelson, the wage earners extension to the extent they inspire conSuperintendant, U.S. Smelting, plan. fidence in at least one citizen. Refining and Mining Company, Under Chapter XEH, a debwhich has a plant in Midvale. tor whose principal income is A. Nelson, longIt seems some of the MidCasper derived from wages, salary time citizen of Midvale, told vale residents have or commission, files a pet! the council, 'What youve dene ed about the noisecomplainmade by tion with the federal court doesnt engender any confiat the shaker the plant. -and pays a fifteen dollar fildence in me 'Is that true, you ran that ing fee. In his petition he one night after someshaker lists his debts and presents It seems one Henry Mayor complained just to show a budget of his income, expenstated that the city em who was boss? Councilses and any surplus. If this Beckstead council had received no raises man Bendont asked. "9 surplus from his earnings of any kind since 1928. Everyone started talking at each month would be enough once. The Mayor interjected to pay off his debts within . 'What about those $50 times, each time bethree years, he probably is Christmas bonuses you give several cut-of- f: 'Id like to say eligible for the extension plan. yourselves each year, Mr. ing we should do I this think another this is Actually, just Nelson retorted. Mr. Nelson this Now Ill tell gentlemen form of 'debt pooling or went on to the council that say you, heres the thing prorating; but under control ' members had their insurance of the court. The matter was comparaand telephone bills For the average American premiums by the taxpayers also. tively settled when Mr. Bepaid there will probably always be dont said, When them doors more ways to spend money that just as much a was on there, there was no 'Isnt to than get it. While your raise as getting the actual complaint, so lets put the lawyer may be able to help greenbacks, Mr. Nelson ask- doors on again. You havent you out of your financial hole ed? got a squawk cornin if you of excessive credit, only you the doors. hang can exercise the economic Councilman Ernest Bedont self --discipline that keeps you nervously said, 'Some of us The smelting company conout. Some people find this a councilmen inherited this and sented to try hanging the doors difficult lesson to learn. its not our fault. When I got again to try and cover up the this job I asked Ben here noise. (hes Ben Bagley the city atAt the request of Casper torney) whether all this stuff was legal and he told me it Nelson, minutes of the council was. meeting have been taken. raid Opening P. , '62 V. W. Gray. Ski rack.;. Extra are. Excellent condiv ..... tion. $850. Call Dr. Coulson. ., .thing. I FREE Kittens. 600 your part or Now, your mitt, Uck, dresset and skirts can receive the careful cleaning, meticulous pressing, the penonolised can that makes dothes look better and last longer with oar new ONE HOUR "MARTINIZINGV the most in dry cleaning. 'Jn 278-013- concealment of any assets or MM) OPENING! (N) 2. ?)) 1. Taxes . 467-223- 530 dis-char- ge: 3. Damages for wilful and malicious injuries to others. 4. Alimony due or to become due, support and maintenance of a wife or child. ' 5. Liability arising from fraud or embezzlement. earned within 6. Wages three months prior to bankruptcy due workmen, servants, clerks and salesmen. Any federal court will refuse a discharge for fraudu- Olym-i,- :;' pus view. Lovely 5 bedroom'.!,, home. Double garage. 2520 '' v pretenses. BEAUTIFUL Mt. II120. make most debtors glad to have legal assistance. There are also neces ary court appearances. Besides, unless you have a lawyer, you may make serious errors in failing to claim certain exemptions to which you are entitled. As a result, you might have to give up property that the law would have allowed you to keep if yen had claimed your exemptions property. The law says certain debts cannot be discharged by bankruptcy. Following are some of the debts listed in Section 1 7 of the Bankruptcy Act which are not affected by a (United States, state or local). 2. Liability for obtaining money or property under false T 433 ' ins vvziii) Classify 1) dresses of all creditors, lists of assets, etc.) are enough to -- . Too Late To lawyer. Theoretically, you could go through bankruptcy procedure in a simple case serving as your own lawyer. look at the However, one amount of paper work (schedules of debts, names and ad- Credit counselors analyse financial problems for their clients, make arrangements with creditors, and help the client determine how much he can actually afford to pay each month on his total debts. buyers. The Monkey On Tour Back: The client then sends the Debts that idle up unobtrumoney each month to the credit sively from excessive use of counselor, who in turn disrevolving credit, budget plans, tributes it to the creditors. monthly installment contracts For this' service the counor personal loans can be- selor may charge about 10 come 'the monkey cm jrour percent of the money he pays back. out If you ever get into debt What if your creditors wont over your head or fall behind in your installment payagree to "compromise payments through unforeseen cirments, extension of time, or cumstances (accident, illness payment by debt pooling? Or or unemployment), there are what if you owe far more than certain steps you can take to you can ever hope to pay? pull yourself out of economic Then you may have reached disaster. Here, too, there are the point Of no return of the ' available banklegal remedies. delinquent debtor Your lawyer can help you, ruptcy. but you will have to do your Bankruptcy Is No Disgrace: part, too. Youll have to develop self discipline in money The United States Bankruptcy Act was passed in 1898, long matters. before the days of easy conTo prevent you from risksumer credit It was designed ing further trouble, your lawyer may advise you to cancel primarily for two purposes: or withdraw all your charge (1) To help rehabilitate die accounts or other credit serhonest but financially oppres-- 1 vices. He cant help you if sed, business debtor, and (2) ou or your family continue to provide a method for speedy say charge it and incur distribution of his assets to new obligations while he is his creditors. still attempting to untangle Today, nine out of ten bankruptcy petitions are filed by your old ones. . , nonbusiness debtors. These Your lawyer may also explain certain debt repayment are for the most part wage earners, and husbands and agreements and suggest possible use of one of them. wives of wage earners. Going through bankruptcy has no (These plans may not be apcriminal connotations and is plicable after your debt problem has readied the lawsuit no disgrace to the bankrupt state.) There are three basic debtor. An old Spanish proverb adtypes: 1. Agreement for forbear vises, 'He who desires to ance, compromise or extensleep soundly, let him b Under this plan the the bed of a bankrupt. sion debtor makes payments dir- discharge in bankruptcy gives ectly to his creditors after the debtor a new lease on reaching an agreement with financial life. In return for them on extension of time complete legal freedom from most of his debts, the bankfor payment This plan rerupt must give up everything quires strict on the part of the debtor. he owns in excess of exemptions allowed him under laws 2. Agreement for composition of debts, by refinancing of the state where he lives. or liquidation, either by the For example, most states aloriginal creditors, or with the low the debtor to keep the help atiunds from. a loan .home in, which be lives exempt from seizure by crediqg feu cojnpa financing stretches out the tors, as long as it doesnt extime for repayment, present ceed a certain value. Bankruptcy is a federal payments are lower. It also eliminates many small debts, court procedure, under jurisby paying them off and keeps diction of United States dised A courts. Of trict away collection agents. Referee in Bankcourse, in exchange for elimination of small debts, the ruptcy acts as 'judge. There debtor ends up with one new, are two forms of bankruptcy: Any way you voluntary (when the debtor large debt. loos at it, the debtor pays, himself files a petition askbut at least he reduces his ing to be adjudged bankrupt this is the most common monthly outlay to manageable form) and involuntary (when proportions. the debtors creditors file the 3. Debt pooling or debt using this plan, petition). the debtor makes his payments Bankruptcy is another sitto a third person who forwards uation in which you need a ne (Continued from page 47 August 4, 1966 Prep, Church Tournaments No. 4l Too Much Credit WhenYouNeed REVIEW, . Sweethearts," "George Alexander, and "Rex Castle, Puppeteer" |