Daily Richmond Whig. [volume] (Richmond, Va.) 1840-1842, 1842-01-11
The following, from the Tribune, will interest our
readers, as marking out formula Of the Courts
upon the Bankrupt Law:-E1pres
THEBANKRUPT LAW IN pRac-rtcu

readers, ns marking out formula Of the Courts
upon the Bankrupt Law:-Erpres
TIlEBANKRUPTL LAW IN PRACTICE.
The Judges will have nll forms and rulc, r,o
pared IN few days to carry into effect this piso
and saiutary law. They nTc satisfied there will Lc
no difficulty IN carrying II into effect and sec M mo-
cesslIY for any amendments until experience shall
have demonstrated them.
The mode OF proceeding will be exceedingly
simple
LIST. The Bankrupt will present through his counsel
MS confessions OF his bankruptcy, in the form of n
peiliion-~hleh will state-The name Of each cre-
oi'or, the amount due 10 each the place of each
CREDITORS residence, and schedule nj the debtors
property To this will he annexed the bankrupt,s
nfhdavit that this statement 10, true.
It's Council will hereupon ask the Court TO en-
ter the bankrnpPs confession ofbankrupcy, in a de-
cree upon the records Of the Court. This is iIdoe
ment by coniesson-and oil the bankrupl's proper.
~ Immediately passes by this Decree into the hand,
OF such assignee as the Court may appoint for that
purpose.
The next step IN the proceedings is for the Court
70 NIX day Tor the creditors and bankrupt TO puenr
before some commissioner, TO he named bv Tho
court, TO examine the bankrupt &c An order
therefore, will be entered directing the notice 10 he
published IN several papers, and printed OF writ
ten letter 10 bs sent 10 each of the creditors nouC,
ing them when and where to uppenr-whjch notice
mus he sent and published seventy DAYS before
the bankrupt IS examined before the Commission.
er.
Thus II will be seen, TINT thoro will bo no moro
dlihcuiy IN the Court receiving the confession of
judgement and petition Of one thousand bankrnpts
IN ono day, than there would bc IN entering % SO
many confessions Of judgements in other cisos in
o'her courts Tho proceeding is ono Of mere form.
! j. The Court will appoint as many Commls-
sioncrs as shall 10 found necessary to take down
all the testimony in writing-which testimony
OF The bankrupt, and such witnesses as tho credit
ors shail from time to time introduce, will lie re
| lurned to tho Court Tor examination and finally
IKE proceedings IN Cbonccry, be placed on file in
the Clerks Office for examination for all time to
come. Thus, dishonest bankrupt escapes and
obtains discharge, II will be tho fault oftho cred
itof' For every word is 10 be taken down in wri-
ting, and KEEP, reference for the benefit Of tho
creditor. So hat, even should a dishonest man Oh
tam discharge the creditors have m ovcrastinr
opportunity 10 set itaside, Il they shall establish an
act Of fraudl
D. In carrying this act into effect, the Judges dc
not receive one dollar for the labor that will devolve
| upon tnom. Not one dollar directly or Indirectly
ana the oihcofs Of the court will receive no compen.
sation that will benefit them. So that NJ the boz
OF the court and officers will he the same 10 them o,
other gratutous duties. They nevertheless nre
Willng TO discharge this duty, from just conyic-
t'on OF tic immense importance Of this law to the
moral MS we'll aspecuniary interests Of tho people