Lynchburg Virginian. [volume] (Lynchburg [Va.]) 1829-185?, 1841-11-25
AN ABSTRACT or TIE GENERAL BANK
RIPT LAW

I. Wa may be Baurupi@ By sec. st the law 81
tablishcs two Kinds 81 aaknpt.y--tse onc r,santars
the debtor hirpsrk artaandng 1t, the other compulsory
the nse<sm asking the Court decl,re the debtor bank
nps We shall digest the act, regards both. in
order.
First. thru, Who may be Voluntary Bankmpl-
The act, SEC says. all persons residing Within the
= unable TO meet their debts aud engagements c>r,n
those atosc d4ts i.sue ar,sen.
u from dafaleaiun a public officer.
2 From dcialeaon an executor or admin
ua%,
g. Prom d,talcatlon n guardian or trustee, or,
T. from dcialcat'on while acting in an, c;irr hdn
ciary capacity
SECONDLY. " no may Be compelled 10 Be a bankrupt,
The act, sec |. provides that ar, merchant retailer
banker. iactor broker, under or marine insurer
owing &dnO and upwards. may thu petition OF a cred
aH a esed'iors ID the amonot ID $500 t- declared
bankrupt, he has committed any 81 the follow mo acts
Oftsnkuplcy, VIZ:
I. n he has departed from the state district or Ter
ritory in which he resides. with the intent 10 diIaud his
errdtors.
2. II he shall conceal himself to avoid being ar
rstcd
z dbe shall ~ngk Iaudul,n,y procure hun
ell to be arrested or his property To be legally seized
isr bis debts.
4. II he shall remove conceal his goods get them
cut of danger Of pnprcSS.
8 fhe shall iraudulently convey OF transfer his lands
gpods credits, evidences OF debt
HeVufnhp no" Va 'uluuiaiy bankruptcy, We VIII en-
qsire hor person n,ta proceed trO uNics 10 be dc
re"ved bnnhr7ff-Scc | provides that he present
PETITION to the proper court, verified under oath nj
6mation setting firth list ct all his creditors their
respective places oi residence and the due
each Of them. together with an inventory Of all his
prpfsty. rigis and credits whatever, and the location
and situation OF each part thereof Ia u hrh petition they
nnst further declare themselves unable their
debts and engagements
Now let hour Jo,td creditors proceed ,rlo ieixl
that any debtor should be declared bankrupt They
ALSO shonld present petition the court stating
that be o~ts them To the OF $500, that he is
such person The act. before stated makes liable In
be declared tnnkruIh; that lac al l,S.i 5000; and
that he has committed Of the above specified acts OF
bankruptcy
On the reception Of every such petition. notice shall
be published IN more of the papers Of the district
II least 20 days before the hearing the and place
Of which all persons interested may appear and show
esHse against the decree Of banknptcytts evidence al
the hearing To be under oath affirmation oral or by
Deposition. before the court lis commissioner. dsn
tefestcd Judge of the state where taken
Alter the hearing al such petition. presented etho
By the debtor his credors the cour, by decree vii
declare the perssn petrioned against bankrupt.
But any person declared bankrupt. at the instanc,
e( creditor, may have trial by jury 10 ascertain ih
fact o(such bankruptcy If he petitions the for tina
purpose within ten days after It's decrceii he docs
the decree ia fssl.
1.-THE Decree Of bankruptcy and lis Effects
ny D. IL ~ PROVIDED Nidt all inc iFuFTtN AM
rights Of property Whatsoever Of persons who shall ~
declared bankrupt shall ps acto, from the date of tn
decree, be Invested out OF the bankrupt and vested
assignee 10 be appointed by the who shall there
upon be clothed with the rights his pnlper
which, iii tat time, the bankrupt had act, however
under the direction Of the court excepting the noccssa
househ0d and kitchen furniture and such other ar,icq
and necesares Of the bankrupt the assignee shall dc
signair and set apart; (aogctha not To exceed $50
worth in any case, to be selected according the family
eonditi0n, and circumstances OF the hankrup and ais
the wearing apparel of the bankrupt and his family sha
be exnrpsed and retained by the bankrupt.
BY sec. il is provided that all future payments q
arrangements made by bankrupt in contemplation
bankruptcy, and for the purpose Of giving any Of hi
creditors the preference. and all other payments Al
Engagements By bankrupt in contemplation of bankrupt
ey, 70 any person not bona de purchaser for vauab
consideration. without notice, shall be deemed uticrl
void and the assignee b. entitled 10 recover tn
0mo part Of the Of the bank ruptcy -
But this il intended inys,aie bona f,l dealing
With the bankrupt done than one month be;re III
PETITION filed BY agaias, him. if the party to ,hcr
he'd notice Of any intended act Of bankruptcy or
his intcation 10 take the benefit Of this act
IIl.-Ihe Discharge.
!. When Bankrupt is, and when not, entitled to
discharge
BY soc. 4, il Bankrupt shall bona 6ie surrender a
hs properly and rights Of property Chose excepted
in SEC - fr the benefit of his creditors and shall full
comply with this act, and obey al the orders and drec
tans which may from time to time be made by the proI
- mum, heshs be entitled 10 decree ii full dseis RI
from n his debts.
but-not, II majority in number and yaao Of hi
cTeditnm who have proved their debts shall file ihei
disfue thereto.
Nos--ifhe shall be Guilty of any fraud OF wilful con
6almen' Of his property NJ rights Of property.