The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1867-10-22
The Bankrupt Law.
Important to h,solvents.

An 1nteIlgent correspondent OF the Kalelgh
Register gives the following information:
As very little is known outside of the legal
profession of the provisions of the Bankrupt act
passed by the last Congress, and the benefits
conferred thereby, we publish the following sum-
mary of the principal sections of the law.
Section I'd provides that any person owing
debts exceeding $500 may apply for the benefit
of the act.
The application must be made by petition to
the District Judge of the District in which the
debtor has lived, or carried on business for the
preceding six months, or for the longest period
during said six months
The petitioner must annex to his petition
sche due containing true statement of all his
debts, and must also annex inventory of all his
property.
The Register, to whom the case is referred, will
make the adjudication of Bankruptcy and issue
warrant directed to the marshal of the District,
authorizing him to publish notice in the news
papers designated in the warrant, and to serve
written or printed notice on all creditors named
in the schedule; 1st that a warrant In bankrupt
cy has been issued against the estate of the
debtor; I'd. forbidding the payment of any debts
or the delivery of any property by him; Sd. stat
ing the time and place creditors will meet to
prove their debts and choose an assignee
In cases of voluntary bankruptcy, the Mes
senger is not to take possession of the property of
the bankrupt in the first instance as in cases of
compulsory bankruptcy
Section 13 provides that the creditors at the
first meeting held after the service of such notice
may choose one or more ASST gnees of the estate of
such debtor. limo choice is made by the credi-
tors, the Judge or Register if there be no oppos-
ing interest shall appoint one or more assignees
Section IA provides that the Register shall
convey to the assignees all real and personal es-
tate of the bankrupt.
The following exemptions are made in favor
of the bankrupt The necessary household and
kitchen furniture, and other articles and neces-
aries, not exceeding in value the sum of $500;
and also the wearing apparel of each bankrupt
and that of his wife and children, and such other
property is, or hereafter shall be, exempt
from attachment or seizure, or levy on execution
by the laws of the United States.
The following property when not included in
the foregoing exceptions, is also exempt in North
Carolina Wearing apparel; working tools; arms
for muster; bedand furniture; spinning wheel;
cards and loom; Bible and Testament; hymn
book; prayer book and all necessary school
books. The following articles belonging to any
housekeeper; COW and calf; loom Bible and
Testament; l hymn book; l prayer book; 10
bushels of corn or wheat; fifty pounds of bacon,
beef or pork, or one barrel of fish; all farming
tools necessary for one laborer; 1 bedstead bed
and bedding for every two members of the fami-
ly, and other property to the value of $50.
The property above excepted, does not pass
to the assignee nor is the title thereto impaired
or affected by any Of the provisions of the act.
(The assignee has no right to the labor or per-
sonal earnings Of the bankrupt between the time
of his application and his discharge. The profits
of the personal industry of the bankrupt during
the same time do not pass to the assignee.)
Section % provides that the following claims
shall have preference and be paid in FULL LIST. the
costs and expenses of the proceedings; I'd. debts
due the State; 4th wages due to any clerk or
house servant to an amount not exceeding $50.
Section "a provides that the discharge grant
ed under the act shall release the bankrupt from
all debts claims, liabilities and demands which
might have been proved against his estate in
bankruptcy.
The remaining sections of the act provide for
involuntary bankruptcy.
The act also provides that when application is
not made within twelve months from the LIST of
June, 1867, no discharge shall be granted to
debtor where the assets do not pay fifty cents on
the dollar of the claims against his estate
We would suggest to those whose necessities
may compel them to take the benefit of the act,
that nearly five months of the twelve have clap
sed. and that by deferring they may be deprived
of many of the advantages offered to those who
make theirspplication within the prescribed time.
The impression that the expenses incurred by
going into bankruptcy are very heavy is errone-
ous as in ordinary cases $50 will cover the costs
and fees.
An Irishmaa who was pardoned the night be- |
fore the day appointed for his execution, and |
who wished to get rid Of his wife, wrote to her |
as follows: 1 was yesterday hanged, and died
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