Word: bankrupting
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Some 188,500 hard-pressed individuals and companies in the U.S. went to court last year to declare themselves bankrupt. This year the total may reach a record 250,000. Nowhere is the business of going bust booming more than it is in that erstwhile capital of easy living, Los Angeles. Personal bankruptcies rose by more than 18% in the L.A. area last year, and they are already up another 48% in 1975. So it is no real surprise that the busiest bankruptcy lawyer in the nation is headquartered in Los Angeles. He is Hugh Slate, 58, of Slate & Leoni...
Slate's first move with a client is to determine whether a full, or straight bankruptcy is really necessary. "If you can feed your family and have enough to live on, you should pay your debts," he says. One practical reason: a court cannot discharge a bankrupt's debts again for six years, and if more serious financial troubles arise in that period, the debtor cannot escape his creditors. (About one in ten first-time bankrupts goes broke again...
...Service, which has a current budget of $12.6 billion, is now running a deficit of more than $820 million, over and above a federal subsidy of $1.5 billion. Unless it receives a huge infusion of cash, it could face bankruptcy. (As a corporation, the Postal Service can actually go bankrupt, though the Government, of course, is always there to bail...
...before the problem begins to diminish. Meanwhile, his latest analysis suggests no way out of the box. But he has previously voiced hope that a united front of oil importers could convince OPEC that it is not even in the cartel's own long-run best interest to bankrupt its customers for the sake of earning high revenues that the oil countries cannot profitably...
...lost pay. The New York action could be even more costly. Some of the hardest-hit hospitals have already begun laying off employees. Dr. John Connorton, president of the Greater New York Hospital Association, said that 25 voluntary hospitals, half of them in New York City, would go bankrupt if the slowdown lasted through this week...