22 - Wednesday, July 20, 1988 - North Shore News Lawyer says bankruptcy is no evil I GUESS if you have to choose between bankruptcy and suicide, bankruptcy is the lesser of the two evils. At least it gets you out of debt alive, which your death might not. But Vancouver lawyer David Gagnon insists that bankruptcy should not be considered an evil at all, that it does not deserve its negative reputation. dollars and sense Michael Grenby \ “I consider bankruptcy to be a positive process,”’ said Gagnon, of Boughton & Company, who specializes in working with deb- tors, creditors and trustees in bankruptcy. ‘“‘Although everyone views bankruptcy with dread, it does represent the safety net which preserves debtors from financial calamity.” : Gagnon told of a couple in their 60s who’ had once been mil- lionaires, but then lost everything when their business failed, leaving them with debts they could never Tepay. “Debtors in those circumstances are desperate, usually broken in spirit and occasionally suicidal,’ said Gagnon, ‘Financial rebirth - through bankruptcy, even for those in their 60s, can restore the glint in their eyes and the optimism that just maybe they can regain the fortune they lost. “Most important, they have fi- nally come to the end of an unhappy chapter in their lives. At least, they can face the future with dignity again.”’ Gagnon cited the example of another couple, both with good incomes, with three smail children. “They had borrowed to make what turned out to be a very bad investment,’’ he said. ‘‘Now they were stuck with a debt on which they could only afford to pay the interest, which they had been do- ing for the past five years. “‘They will never repay the prin- cipal. They will never have enough money for a proper vacation, never be able to move to a nicer house and pay down the mortgage, never have money for more than the necessities. ‘If they keep on this way, is in- tegrity being preserved at too high a price? Ask the children.”’ But, I asked Gagnon, should a borrower be allowed to escape debt at the creditor’s expense? See Going Page 24 : 2 i a Fn, Time to stop ~~ the nickel and ni You've Said it loud and clear: The FeeCutter eliminates the charges and you get interest on “Some of the fees and services need to have more than one every dollar. So all your money I'm charged for seem unfair.” account. It combines the acces-_ works for you—plus: We hear you. =~ sibility of a daily-interest 0 NO FEE on NSF Cheques INTRODUCING chequing account with the high payable to you 0 NO FEE THE FEECUTTER. _ interest of a ‘tiered’ T-Bill_ Withdrawals 0 NO FEE for using pus i 8 FeeCutter does account. our Automatic Teller Machines away with the most aggravating _In other words, The FeeCutter (where available) 1. NO FEE fees and service charges. it goes offers you the best of both for Transfers between accounts beyond to include: worlds; a high return on your (1 NO FEE to make Stop Pay- ONO FEE-‘Chequing 0 NO FEE deposits and the freedom to ments (J NO FEE for Passbook or VISA: ‘ write cheques, Statement, even when cheques ONO FEE Traveller's Cheques. IT TAKES EVERYTHING _ 4fe returned () Daily Interest, THE FEECUTTER, LIKE INTO ACCOUNT, credited monthly. AT-BILL* ACCOUNT YOU The FeeCutter eliminates the, The FeeCutter—“Changing the CAN WRITE CHEQUES QN. most unfair fees and service - face of the financial industry: Subject to nonnal credit conditions. “Rates are set relative to 91 -day Government of Canada Treasury Bills. AVAILABLE THROUGH THESE CENTRAL GUARANTY TRUSTCO COMPANIES. Look in the white pages for the branch nearest you. GUARANTY TRUST CO. of CANADA 2040 South Park Royal Allan Schnelzel West Vancouver om 922-0158 “ Manager marge ator SA ee NaS Ae ca Ba cots Ses AR UeF I MESRELT Ct eo elikuets amend Testbed tM oo