Juniata sentinel. [volume] (Mifflintown, Pa.) 1846-1873, 1867-03-27
GENERAL BANKRUPT Law.

Ono of the acts Of Congress which
closed on the Fourth of March, was the
passage Of a general bankrupt law. This
measure has been aeitated for several
years past, but has always failed to secure
sufficient support until this winter 1t
became law during the closing hours OF
Congress.
The new law is intended for the relief
of honest debtors. Under its provisions
any person whose debts exceed the sum
of three hundred dollars, may become a
voluntarily bankrupt, and be relieved from
the claims Of creditors by The delivery foI
distribution of all his assets.
The proceedings for the discharge OF
bankrupts by this law are placed under
the supervision of the United States Cir
cult Courts, with a subordinate supervi-
sorry officers to be appointed in each Cor
grcssional District to be appointed by the
Chief Justice Of the Supreme Court to
be called a Register. TO the Register the
party desiring to avail himself of the re-
lief of the bankrupt law makes arp.ica-
ton, and by the creditors an assignee is
appointed into whose hands the bankrupt
turns all his property for distribution.
The bankrupt can reserve to himscl
household aud kitchen furniture and such
other articles as he may choose not ex
ceeding in value FIVE hundred dollars, alsC
the wearing apparel Of himself and fam
lily, and military equipments, il he hat
any, and such other property as may b,
exempted from attachment and seizur,
under the laws Of his State
Distribution of the assets Of the bank
rupt is made in the following order: al
costs Of the proceedings in bankruptcy
all debts due the United States ali debt
due the State wages due to any employee
of the bankrupt for period not exceed
ing six months Immediately preceding IL,
commencement of proceedings of bank
ruptoy, and to an amount not exceeding
$50, 900. The balance to other creditor.
according to the amount, Of their claims
and without preference on accoun. of dat,
or any other cause.
The bankrupt then receives from th'
Court, certificate of discharge and ca,
commence the world anew in business re
lations without fear Of old and unsatisiie'
judgments. No bankrupt can avail him
self second time Of the provisions Of til
law, unless his assets will reach sevent
per cent. o. Lis debts. All debtors who's
claims have been credited by failure in
fduciary capacity are prec!uded from re
lief under this act
The law is only intended for the relic
Of honest debtors. Hence, in order t
avail himself oft benefits, the party mus
make fair, full and bona fde delivery t
the assignee for the benefit of his creditors
of all his defects, otherwise he is debarre
from the benefit of the law, and made Ii;
bic to heavy penalties beside. All fraut
nlent proceedings designed to defrau
creditors, and all acts Intended to prefc
or secure one creditor at the expense {
of any other, will not entitlc debtors t
the relief extended by the law, but az
positively forbidden.
The law is Of course very lengthy, an
embraces many details, but the above AZ
its leading provisions. 1t will be well fc
the public to become familiar with and r,
member them, for they closely conccr
every business man.