The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1867-06-13
The IsnnISrupt Law.

summary OF its principal provisions
will be of use. The Act provides for
voluntary and involuntary bank
ruptcy, for the bankruptcy OF part
nerships and corporations, and for
the supercedure of the bankrupt pro-
oeedings by arrangement. Any per-
son may voluntarily obtain the benefit
Of the Act who owes debts exceeding
$500, by applying by petition "to.
the Judge of the judicial District in
which such person has resided or car
ried on business for the six months
next Immediately preceding the time
of filing such petition, or, for. the
months, setting forth his place of re-
sidence, his inability to pay all his
debts in full, his willingness to sur
render all his estate and effects for
the benefit of his creditors, and his
desire to obtain the benefit of this
Act; and he must annex to his petit
ton schedule, verified by oath be-
fore the court, or before a register in
bankruptcy, or before one of the
Commissioners Of the Circuit Court
of the United States, containing u
full and true statement of all his
debts, and, as far as possible, to whom
due, with the place of residence of
each creditor, if known to the debtor,
and, if not known, the fact to be so
stated, and the sum due to each Gre
ditor; also, the nature of each debt
or demand, whether founded on writ
ten security, obligation, contract, or
otherwise, and also, the true cause
and consideration of such indebted
ness, i'll each case, and the place where
such Indebtedness accrued, and Il
statement of any existing mortgage,
pledge, lien, Judgment or collateral,
or other security given for the pay
ment of the same; and shall also an
mex to his petition an accurate in
ventory, verified in like manner, of
all his estate both real and personal"
Notice of the proceedings must be
given to all creditors, and the pro-
perty is to be turned over to an as
signee for their benefit. There is
excepted from the provisions of the
Act the necessary household and
kitchen furniture, and such other
articles and necessaries of such bank
rupt as the said assignee shall desig-
nate and set apart, having reference
in the amount to the family, condi-
ton and circumstances of the bank
rupt, but altogether not to exceed in
value, in any case, the sum of $500;
and also the wearing apparel of such
bankrupt, and that of his wife and
children, and the uniform, arms and
equipments of any person who is or
has been q soldier in the service of
the United States; and such other
property as now is, or hereafter shall
be, exempted from attachment, or
seizure, or levy on execution by the
laws of the United States, and such
other property, not included in the
foregoing exceptions, rs is exempted
from levy and sale upon execution or
other process or order of any court
by the laws Of tie State in which the
bankrupt has his domicile Mt the time
of the commencement of the pro-
ceedings III bankruptcy, to an amount
not exceeding that allowed by such
State exemption laws in force in the
year 1861"
Six months after the adjudication
of bankruptcy, after publication in
viz AiS AiS"oH"PS'o; d; a. NCl l'llCiJC ID 4 " cII
the bankrupt discharging him for
ever from all his debts existing Mt
that time. Any person owing debts
may involuntarily be declared n
bankrupt who shall 'depart from the
State, District or Territory of which
he is an inhabitant, with intent to
defraud his creditors, or being absent,
shall, with such intent, remain alb
sent; or shall conceal himself to avoid
the service OF legal process in any
action for the recovery of a debt or
demand provable under this Act; or
shall conceal or remove any of his
property to avoid its being attached,
taken or seuuestered on legal pro-
cess; or shall make any assignment,
gift, sale, conveyance or transfer of
his estate, property, rights or credits,
either within the United States or
elsewhere, with intent to delay, de-
fraud or hiI der his creditors, or who
has been arrested and held in custody
under or by virtue of any process of
execution, issued out of any court of
any State, District or Territory with
in which such debtor resides or has
property, founded upon demand in
its nature provable against o bank
rupt's estate under this Act, and for
a sum exceeding 500, and such pro-
cess is remaining in force and not
| discharged by Dayment or in anv