The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1867-09-18
GOING INTO BANKRUPTCY.

The following Synopsis Oh the bankrupt law,
made by Mr.. D. N. Bingham, the Commissioner in
bankruptcy at Montgomery, Alabama, will be of
interest to many of our readers:
l. Petitioners under the Bankrupt Act IRE re-
qui:e,l to render schedule of al5thcir 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 7yith certain" Forms prescribed in the
general Orders of the Supreme Court of the
United States. These schedules, verified by oath
Of the petitioner, must accompany the petition,
and when fled with the registrar, is the commence
mcnt of proceedings in bankruptcy,
II. Debtors contemplating bankruptcy, may dis
pose of any property, TO which they have right,
10 raise money to pay the deposit fec CT $780,, snC
such property need not be renderedin their inven-
tory beyond ssatirg the fact of its disposition and
the purpose TO which the proceeds we're applied.
III. Bankrupts are entitled to the following list
of property out of their estates, f they have it,
exempt by the laws of Alabama-to wit: wearing
apparel of self and family long list of furniture
all books portraits and pictures, all implements of
trade, three COWS and calves, ono horse or mule, or
yoke of oxen, one wagon or cart, twenty hogs,
twenty sheep, FIVE hundred pounds Of meat, one
hundred bushels of corn, all the meal on hand one
thousand pounds of fodder or oats, twenty-five
bushels of sweet potatoes, thirty pounds of WOOL
one hundred pounds Of cotton, two plows and gear
two axes, all cloth on hand all poultry, gun, and
homestead of forty acres of land, worth five hun
dred dollars In addition to this the 14th section
of the Bankrupt law excepts from the provisions
of the Act, 'the necessary household and kitchen
furniture and such other articles and necessaries
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
fye hundred dollars in value, in any one case 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, n
soldier in the militia or in the service of the United
States, and such other property as is, or here
after shall be exempted from attachment or seizure,
or levy on execution by the laws Of the United
States.''
" The assignee has no right to the labor or
personal earnings of The bankrupt, between the
bankruptcy and the discharge, for that would de-
privc him and his family of the means of subsis-
tcncc Hence, petitioners will not be required to
include the growing crop in the inventory of their
effects, and all bankrupts whose petitions are filed
anterior 10 the maturity OF their crop, and before
its severance from the soil, will keep and use it,
the same rs other property acquired by their per-
sona industry, the rule being that the profits of
the personal industry of the bankrupt between the
bankruptcy and the discharge do not pass to the
assignee. 1t was held under the United States
bankrupt law of 1s41 that all the acquisitions OF
bankrupt, after the fling of his petition,
empt from liability to pay debts previously con-
tractcd
v. Whatever beneficial interest the bankrupt
has in the vife's 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 inurcs to the separate use of the
wife, then the assignee takes nothing, because the
bankrupt had no equitable interest therein.