Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1867-07-26

these requirements remain untitled, the
debtor will fail to get discharge; and if
he Is convicted of fraud Or false swearing,
he will be punished accordingly
THE BANKRUPr's PRIVILEGES.
These are few in number. but of great
benefit. He is free from arrest, and NAV
not be annoyed by any legal proceedings
upon debts from which he may be dis
charged under the law He is entitled to
retain certain property, and household ne
cessarIes designated by the assignee, not TO
for himself, wife and children uniform,
arms and equipments ; and, in this State,
sewing machine, family library of the
Falne Of 800, pew in church, ten sheep, one
COW, two swine ard their foor! tools and
implements of mechanics to the value of
SZo, necessary team, burial lot, and q home
stead Of the value of 81, 900. When his dis
charge is granted it releases him from all
contracted debts due and payable at tho
time Of adjudication Of bankruptcy, includ-
ing claims for wife's debts, all debts then
existing, but not payable until future day
all contingent liabilities, rent, &c
Co-PARTNERs AND CORPORATIONS.
Co-partners may join in one application.
Corporations and joint-stock companies
may apply, but are not discharged from
debts, nor have they any allowance they
are simply dissolved. No discharge will be
granted unless assets pay fifty per centum
on debts, or written assent Of majority in
number and value Of creditors be filed.
THE DUTIES AND PRIVILEGES OF THE CRED1-
TOR.
The holders Of expected debts, fraud, ETC.,
may prove them, and the dividends received
will be only on account of, and not in dis
charge of such debts The creditor is en-
titled, after proving his debt, to vote for
assignees. and he is powerful in direct ra-
ito to the amount of his claim. He may
require the assignee to file a bond, can OBJ
tain an examination of the debtor or of any
other creditor, and may assist in determin-
ing what part Of the estate may be divided
among the creditors. He may also oppose
the granting of discharge on any of the
grounds above specified, rendering it in
valid, and at least delay it by obtaining
trial by jury. Eo may also, within two
years after the discharge, apply to set it
aside on the same grounds, except when he
knew Of these facts at the time of the dis
charge, which knowledge the debtor de-
clared BANKRUPT for reasons before stated ;
may have the estate wound up by trustees
instead of by the official assigneees. The
creditor, petitioning, is liable for the costs.
The creditor must, proving his claim, make
oath or affirmation that the sum is Justly
due him, and is not in any way secured !;
the claim was not procured for the purpose
of influencing the proceedings, and that no
agreement exists whereby he is to transfer
the claim or to receive any property, or to
bestow in any way his vote.
There are several other minor require
ments which the creditor has to fulfill. -
Epp6 no Poll CrIo
Court fees, the United States, the State
clerks and servants, to amount of $50 each.
Debts by law entitled to preference, gener-
al creditors.
RIGHTS AID DUTIES OF THE ASSIGNEE.
He takes title to the estate, subject to
existing leins, from day of commencement
OF proceedings, and is entitled to sue for
and recover the estate. He stands in the
place Of the bankrupt, becomes thereby
tenant in common in the bankrupt's
firm, and is entitled to an accounting.
This officer designates the household goods
to be retained by the debtor. The fees of
the assignee are his expenses, and five per
centum on the first 81 600 two and a half
per centum on the excess up to IS, 600 !;
and one per centum on excess over 80, 600.
COST IN MONEY AND TINE.
On the whole it is rather costly opera
ton to become bankrupt. The fees, as
above stated, must be paid then to secure
the register fifty dollars must be deposited
with that officer at the outset, the marshal,
solicitor, etc, have to be paid.
After six months from the filing of the
petition, or if no debts have been proved,
or if no assets have come to hand. then,
after sixty days, and within one year from
the adjudication, the bankrupt may apply
for discharge.