The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

SEPTEMBER 22, 1976 TERRACE BAY NEWS ° PAGE 5 NEW COURSES FOR YOUNG: Cont'd from pg. 3 ... . papers and posters, plus wall charts and ac- cident statistics. The OFSC indicates they can start training young people almost immediately. Those interested in receiving the Motorized Snow Vehicle Operators' Course should contact their local snowmobile club or the Ontario Safety League. INFORMATION ONTARIO WHAT IS BANKRUPTCY? In simple terms bankruptcy is a method of 'bringing relief to over burdened debtors by staying legal actions against them and gener- ally releasing them from their debts. The release of debts is a privilege granted under the control of the courts, which have a wide discretion in this respect. : One objective of the Bankruptcy Act is to provide a financially troubled debtor with the opportunity to make a fresh start in life. Overburdened debtors can stop legal actions against them and get released from most debts by voluntarily declaring bankruptcy: the deb- tor's price is the loss of property not de- clared unseizable by provincial laws. To declare bandruptcy, a debtor must obtain the services of a bankruptcy trustee. In the past, a debtor who could not afford a trustee fee was unable to take advantage of the bank- ruptcy process. To remedy this situation, the federal Dep-~ artment of Consumer and Corporate Affairs o- perates an assistance program whereby, when certain conditions are met, .a public servant authorized to act as trustee is appointed at a minimal cost to debtors. Debtors accepted under this program are a . asked to consriiate $50 towards administrative costs and, if necessary, this amount may be pi in installments. Moneys generated by the sale of 'assets sed firstly to pay the department's 'stan 1stee Tes moneys left over are dist i Who dogs this program spivt to? This assistance program is aimed at' low income debtors for whom bankruptcy is the only valid solution to their financial difficult- ies. Here are some conditions which must ap- ply to the applicant: A debtor must: 1) be an individual (not a corporation), 2) have debts of $1,000 or over, 3) must be unable to meet his financial obligations as they become due, 4) not be self-employed, 5) not have a yearly net income in excess of $4,000 for a single person; $6,500 for a married person or the equivalent, to which is added $750 for each Any. dependent, 6) generally, not have debts aris- ing out of past business activities, 7) not have assets which have a value in excess of $2,000 after deducting the amount owed to se- cured creditors and property held in trust for others, nor a value in excess of $500 after further deducting assets: which are exempt | from seizure under the laws of the province in which the debtor resides, 8) be unable to ob- tain the services of a private trustee, 9) wish to declare bankruptcy. Additional information on relief under the Bankruptcy Act, as well as application form are available at the Northern Affairs office - Lower Floor, Peninsula Bldg, Marathon or on alternate Tuesdays in Manitouwadge, Terrace Bay and Schreiber at the sMunicipal Offices. MOOSE BINGO The Loyal Order of Moose will sponsor a Bingo on Thursday, September 23rd at 8:00 p.m. in the Moose Hall, Terrace Bay. There will be no bus service during the month of September. THE LAKE SUPERIOR BOARD OF EDUCATION requires immediately LUNCH ROOM SUPERVISOR LAKE SUPERIOR PUBLIC SCHOOL TERRACE BAY CAMPUS The successful applicant wiil be on duty for one hour each day and wil! be respon- sible for the care and discipline of The students during that period. For further information, please call the principal at 825-3253. J.J. Bishop, Principal.