ZO - MANCHESTER HERALD, Monday. August 6, 1984 BUSINESS Budget watchdog says Warehouse rocks Lewis hallway Business Bankruptcy law will affect us deticit lowers slightly with young people to gold goal In Brief page 5 ... page 11 ... page 14 Early in October, only a few weeks from now. a • Debts on credit cards of more than $1,000, N.H. bank merger announced major new bankruptcy law goes into effect in our land obtained within 20 days of filing, and debts for luxury that will "close in” on individuals who have tried to items bought within 40 days of filing will probably not MANCHESTER, N.H - Stockholders of abuse bankruptcy for their own goals — and which Your be discharged. You will have to pay. The presumption Kingswood Tnlst and Savings Bank of Wolfeboro will make it extremely difficult for couples who have is these goods were bought to “ load up" — accumulate have voted to merge with BankEast of been trying to use bankruptcy as a financial planning Money's large debts just prior to filing for bankruptcy. Manchester. tool. • A ceiling of $4,000 per household on household Under the merger agreement, BankEast will This law was signed by President Reagan on July Worth Manchester, Conn. goods that consumers can keep while liquidating buy Kingswood common stock at $95 a share or 10, but most of the publicity you’ve heard about it so Clearing tonight; Sylvia Porter other property. Tuesday, August 7, 1984 the equivalent in BankEast common stock. far has centered around the rights of bankruptcy Under the old law, you could exempt any item with a sunny Wednesday Kingswood Trust and Savings is a state- Single copy: 25C court judges. Lost in this argument has been what the value of $200 or less ($400 for married couples). In the chartered commercial bank with assets in excess — See page 2 significant changes in the bankruptcy law means to classic example, a consumer could keep a complete of $47 million. It has 52,481 shares of common us. trade group of creditors. “ Creditors are more silver service since each piece — teaspoon, serving stockoutstanding. ilatirhralpr Ipralb To back up; Behind these new changes is a two-year protected and consumers will be more informed.” spoon, soup spoon, etc. — was valued separately. The BankEast is a bank holding company with effort to amend the bankruptcy law that itself grew "W e don’t think it will a ffe ^ the average person $200 or $400 limit per item remains, but the total value assets exceeding $623 million. It has 21 offices in out of the Bankruptcy Reform Act of 1978. Critics of who goes bankrupt, but it will catch those who abused can’t exceed $4,000. New Hampshire. that earlier law claimed it made bankruptcy too bankruptcy.” says Louises S. Greenfield, a staff attractive to hard-pressed debtors and led to an attorney at Congress Watch. “ We can live with it.” • In cases where spouses file jointly, they must New vice president named explosion in the number of filings. Moreover, the The broad outlines of the bankruptcy law don't choose either the state or federal exemptions. This critics claimed that many who filed for bankruptcy change. You, as an individual, can still declare change will prevent situations where couples end up NASHUA, N.H. — Sanders Associates an­ actually had sufficient assets to pay at least part of bankruptcy in one of two ways. retaining more of their assets than either set of Copters sent nounced Friday the appointment of Homer Vi. their debts. • Chapter 7 bankruptcy, in which debtors give up exemptions alone would provide. Prue to a newly created position of vice president, (In 1978, bankruptcy filings totaled 172,423; filings most of their assets, which a trustee then sells to pay The bankruptcy law is actually ‘ 'closing in’ ’ on fake integrated countermeasures systems. peaked in 1981 at 452,145; then dropped to 439,868 in creditors’ claims and after that then frees the debtor bankruptcies. All of these actions benefit us, the James P. Wooinough, president of Sanders 1983.) from existing obligations; and taxpayers. Associates' Federal Systems Group, said the The critics are wrong, argue consumer activists. A • Chapter 13, which permits debtors to retain their on mine hunt appointment reflects the company’s "commit­ study prepared by the General Accounting Office, assets if they agree to repay debts within the next Money book available by matt ment to developing and producing effective cited last year by the consumer forces, concluded that three to five years, according to a plan approved by Bv Hala Khourv middle of the Red Sea hunting fur countermeasure systems for the Armed Forces of the 1978 law did not bear the full responsibility for the the court. After that, all debts are dischrged. “ Sylvia Porter’s New Money Book for the ’80s,” United Press International mines withits side-scanning sonar. the United States." increased number of filings. The deteriorating If you file for Chapter 7. you’ll find the most 1,328 pages of down-to-earth advice on personal Pentagon officials .said. Six Egyp­ Prue will be responsible for the direction and economy of that period had to share the blame. important changes affecting you. Among them; money management, is now available through her CAIRO, Egypt - The United tian minesweepers were in the control of all multi-division countermeasure The new law represents a compromise between • Bankruptcy judges can dismiss Chapter 7 column. Send $9.95 plus $1 for mailing and handling to States sent minesweeping helicop­ area and U.S.-made subsonic programs and technologies. Prior to this these two views. petitions if they determine that discharging debts in “ Sylvia Porter’s New Money Book for the 80s,” in care ters to Egypt today to join air and Skyhawk warplanes patrolled appointment he served as vice president and "W e didn’t get all we wanted, but this represents a bankruptcy represents a substantial abuse of the of the Manchester Herald, 4400 Johnson Drive, naval patrols checking the Red Sea overhead. chief engineer for Sanders Electronic Warfare good compromise,” says Frances Smith, a spokeswo­ system. The reasons for that decision are left to the Fairway, Kan. 66205. Make checks payable to for mysterious mines that dam­ Egypt declared the Suez Gulf 7 Division since 1983. man for American Financial Services Association, a judges’ discretion. Universal Press Syndicate. aged 12 ships during the past two safe for navigation Monday and Its Sanders Associates is engaged in the develop­ weeks. defen.se minister. Field Marshal ment, manufacture and sale of advanced Marine spokesman Maj. Jim Abdel Halim Abu-Ghazala, said technology electronic systems and products for Penney’s Pisciottano said in Washington the "there are indications” two coun­ both the government and commercial markets. SPENDING ON TV ADS first of six RH-.53d helicopters left tries were responsible for laying Revenues for fiscal 1983 were $578 million. The Norfolk, Va., aboard a C-5 Galaxy the explosives. He refused to company employs more than 10,000 persons U S. has a more-than-solid lead transport'just before midnight identify the countries but specula­ worldwide. EDT Monday. tion centers on Iran and Libya. annuities Washington officials said one _______ _ Pension services expanded C-5, the world’s large.st aircraft, The latest .shipping casualty was its image would be u,sed to carry each the Liberian-registered tanker HARTFORD — Connecticut Mutual Life helicopter, its crew and’ Oceanic Energy, which hit a mine are and was crippled Sunday off the Insurance Co. has expanded its pension service equipment. through Milliman & Robertson, one of the nation's DALLAS (U PI) - J.C. Penney Egypt also asked Britain to send Saudi Arabian coast. By Steven W. Syre Co., has been trying ■ — with Royal Navy minesweepers to the Shipping sources said Saudi largest actuarial and pension administration 1980 TV ad firms. United Press International designer labels, . seems to be region and a spokesman for the Arabian helicopters re.scucd 22 of The agreement will enable Connecticut Mutual expenditures succeeding. Foreign Office in London .said the the tanker’s 31 crewmen Monday. Nine others remained aboard, agents to provide high quality and consistent BOSTON — Sometimes a wheel (millions) Per capita There’s a new look developing — Egyptian request was under ur­ waiting for tugboats to tow the ship pension services to its clients, said Donald H. spins tantalizingly toward its final a look designed to attract upscale gent study. United States $11,400 5 0 .1 8 to the Saudi Arabia port of Jeddah, Pond, Jr,, pension division vice president and movement or small numbered customers with money to spend for Last week, the United States sent the sources said. actuary. balls are sucked up by a vacuum, Japan $3,900 33 .2 5 top-of-the-line products — a look a 15-man team of mine warfare "This firm, more than any other, shares our determining the digits that pro­ United Kingdom $1,700 29 .6 5 that says the competition is experts to Egypt to inve.stigate the Pentagon officials said they have confirmed mines were re­ commitment to the medium and small pension duce lottery winners and occasion­ Bloomingdale’s more than Sears. mysterious blasts that disrupted Australia $656 4 4 .9 4 sponsible for the explosions that market," he said of Milliman & Robertson. ally millionares. The company still sells bib navigation in the Suez Gulf and the West Germany $570 9 .2 3 have created havoc for merchant Connecticut Mutual is the nation’s 10th largest overalls to farmers, especially in Red Sea. Lotteries are generally great shipping in the urea but that none insurance company with $35 billion in life Brazil $521 4 .0 8 its small-town stores, but it is The U.S.