The Camden journal. [volume] (Camden, S.C.) 1836-1851, 1841-11-03
From the Charleston Courier.
BANKRUPT LAW:

| From the Charleston courier.
BANKRUPT LAW:
! In compliance with the request os mer
camille gentlemen, we publish The follow
ing brief summary Of the different steps OF
proceedings to be taken by a bankrupt il
obtaining his discharge under the provi.
sions Of the present act.
!. An inventory must be carefully pre-
pared containing an accurate statement,
according to the best Of the bankrupt's
knowledge and belief, of his creditors,
their places Of residence, and the amount
due to each; also an accurate inventory oi
the bankrnpt's property, rights and cred
its of every kind, and The location and
situation thereof, and of every part Of it,
The petition embnyding this statemeur,
and a declaration Of the bankrupt's inabili
,y to pay his debts, must then be drawn
and verified by the oath of the bankrupt,
to be taken before district judge of the
U. States. or before commissioned ap-
pointed by The court for that purpose, or
before dsin,erested state Judge where
the debtor lives. (Sec. ~ This petition
may then be presented tn the district court
OF the district where the bankrupt resides,
at any time. Sect. l. 6.
2. On this petition being presented to
the court, the court will thereupon order
a hearing as directed in Sect. 7, and no.
tice is thereupon to be published by the
debtor, in one or more newspapers print
ed in the district where the debtnr resides
such paper or papers to he designated by
tho court, which notice must be published
al least twenty days before the hearing;
and the notice must state the time and
place oflhe hearing, and all persons are
thereby notified, aid may appear and
show cause, if any they have, why the
prayer Of the petition should not be gran
ted.
This hearing is to be before the court,
and is TO be upon testimony under oath or
affirmation-and where the testimony is
written, the deposilions must be taken
before district judge, commissioners or
disinterested state judge. (Sect. ~ The
bankrupt should be prepared to attend
this hearing with his counsel:
This is preliminary hearing.
3. Upon the ordsr or decree Of bank
ruptcy following the hearing, the debtor
becomes absolutely dives,ed of his proper
ty; assignees are Immediately appointed
by the court by or Ter, and all the property
of the debtor is vested in the assgnees so
appointed. Provisions is MT made in the
act for creditors naming any of the assig-
nees, but the court will exercise proper
discretion on this subject.
4. The assignees having been appointed
by III" court immediately after the decree
Tof bankruptcy FOLIO Wing the hearing il is
their duty to proceedat once to lake proof
of debts, and t" reuce the property, &c.
of the debtor to money; ard declare a
divide nd or dividends. SO as to have a
speedy settlement rf the bank: up.'s estate
as required in Sect ] |. The bankrupt in
Ithe meantime must at all times hold him.
self in readiness for examination under
oath touching his property and debts, both
before the court and assignees. The
courts are to prescribe rules and regula.
lions as to the proving of debts before the
assignees.
S. The bankrupt having made a full
surrender Of his property, and having
complied with such orders and rules of
court as have been prescribed, and the
assignees having discharged their duties
and closed the estate, the bankrupt must
then give public notice in some public
newspaper designatetbby the court, to all
creditors who have proved their debts, and
other persons interested TO appear and
show cause whyfhe bankrupt should moi
receive his discharge and a certificate
thereof. Which notice must be published
{! al least seventy days before the time o
j the final hearing.
Tie court in certain cases may direc
personal service of the notice.