Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1867-09-19
GOING INTO BANKRUPTCY.

MI. D. N. BINGHAM, the Commissioner in
Bankruptcy at Montgomery, Alabama, publishes
very succinct synopsis of the rights Of Bankupts
under the late Act of Congress, The synopsis en-
braces the exemption law of the State Of Alabama;
but inasmuch as but few of our readers are inter
ested in that part Of the synopsis, we have subs.
tuted the exemption law in force in South Caro-
lima:
l. Petitioners under the Bankrupt Act are re:
quired to render schedule of all their debts and
liabilities of every kind and description whatsoever
and also, an inventory Of their estate both real and
personal, including all property and effects, OF
which they are possessed, or in, which they may
have an interest, Though not in possession, in
conformity with certain Forms prescribed in the
United States. These schedules, verified by oath
of the petitioner, must accompany the petition,
and when fled with the Register, are thecommence-
ment of proceedings In bankruptcy.
II. Debtors contemplating bankruptcy, may dis
pose of any property, to which they have right,
to raise money to pay the deposit fee Of $50, and
such property need not be rendered in their nven-
tory beyond stating the fact of its disposition and
the purpose to which the proceeds were applied
III. Bankrupts are entitled to the following List
Of property out Of their estates, ut they have It
exempt by the laws of South Carolina, to wit
Two bedsteads, beds and bedding; one spinning
wheel, and two pairs Of cards; one loom, one Gov COW
and calf, all necessary cooking utensilsi and pro
visions to the value of $40. IF the debtor be q
farmer, he may retain all necessary farming imple.
ments if mechanic, the tools of his trade In
addition to this, the 18th section of the Bankrupt
law excepts from the provisions of the Act, "the
necessary household and kitchen furniture and such
other articles and necessares of such bankrupt as
the assignee shall designate and set apart, having
reference in the amount, to the family condition
and circumstances of the bankrupt, but altogether
not to exceed the sum of five hundred dollars in
value, in any one.case; also the wearing apparel
of such bankrupt and that of his wife and chill.
dren, and the uniform, arms and equipments OF
any person who is or has been soldier of the mi.
litia, or 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
Nv. The assignee has no right to the labor on
personal earnings of the bankrupt. between the
bankruptcy and the discharge tor that would de-
prive him and his family Of the, means of subsis-
include the growing crop in the inventory Of their
effects and all bankrupts whose petitions are fled
anterior to the maturity Of their CROP and before
its severance from the soil, will keep and use it,
the same as other property acquired by their per;
sonal industry, the rule being that the profits Of
the personal industry of the bankrupt, between the
bankruptcy and tie discharge, do not pass to the
assignee. It was held under the United States
bankrupt law, of 1S41, that all the acquisitions Of
bankrupt, after the filing of his petition, are ex-
empt from liability to pay debts previously con-
tracted. r. 80.
V. Whatever beneficial interest the bankrupt
has in his wifes property passes to the assignee
but court of equity if its assistance is required
to realize such interest to the bankrupt's estate,
will protect the interest of the wife and children
by imposing terms upon the assignee, stipulating
that provision be made for her and her children
out of the fund. If, however, the property be set
tied, or gift inures to the separate use Of the
wife, then the assignee takes nothing because the
bankrupt had no equitable interest therein.