The weekly North-Carolina standard. [volume] (Raleigh, N.C.) 186?-1869, 1868-01-22
BankruptcV.

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ful at this time: .,s ...r7. ,t lss.,as
Any person who owes debts to the amount
of three hundred dollars is entitled to the
benefit OF the bankrupt law. The hrst
thing to be done by the applicant is to de-
pcsit fifty dollars with the Register to cover
the costs of the application. No step can
be taken until this deposits made. If there
is any money remaining after defraying the
necessary expenses it viii be refunded. If
there are no assets larger deposit may be
required. ~
The Marshal, the Clerk, and the Printer
or Publisher are also entitled to fees. which
must be paid in advance. The expenses OF
a case will ordinarily amount to 500. a'
At the time of making the deposit, the
applicant files a petition setting forth that
he owes debts to the amount of three hun
dred dollars and is willing to surrender all
his estate for the benefit of his creditors un-
der the act. The applicant accordingly tiles
two schedules, one containing list OF all
his debts and liabilities and the other con-
tanning list of all his estate and interests
of every description. These two schedules
are sworn to before the Register and the ap-
plicant is adjudged bankrupt.
The next step in the proceedings is 10
make notification and serve a'notice on all
the creditors of the bankrupt calling tor
meeting of the creditors at certain time
and place appointed. At this meeting the
creditors prove their debts and elect an as
signee The assignee proceeds at once to
take possession of the bankrupts estate, lay
off his allowance, sell property and collect
debts due him. "
After the assignee has performed these du
ties as far as practicable, he requests the
Register to order IA second meeting of the
creditors. The order is made and the as
synee notifies the parties. At this meeting
the assignee reports his proceedl igs and If
he has assets. dividend is declared. A
third and fourth meeting may he called if
necessary, to enable the assignee to make
tull and final report.
The estate of the bankrupt being thus dis
posed OF, he is ready to apply for his dis
charge. Upon this application an order is
made for the creditors to meet at a time and
place appointed and show cause why thepe-
tition of the bankrupt should not be grant
ed. No cause appearing, the bankrupt is
discharged and the proceedings are at an
end. ~ ..
What are the benefits of the bankrupt
law9 In the first place, the bankrupt is at
lowed about twelve hundred dollars worth
of his estate, which leaves him sufficient
capital to begin life with anew; in the Sec
ond place, nc is forever discharged from the
payment of all debts contracted before the
adjudication of his bankruptcy. One i'm
portant point to be borne in mind is this: No
one uiU be alio,ced to take the benefit of this
aet after meet June. unless his property wW
pay Aa!f his debts. Those contemplating
bankruptcy will note this point a,. ,l
Some persons hesitate to avail themselves
of tie bankrupt law, supposing that it is
dishonest, or at least dishonorable This is
great mistake. The bankrupt law is
wise and benefcent provision and is designed
to relieve the sutferings of our debt burden
dened people This cannot be doue by
stay law, which if allowed to hold, could
only postpone the evil day and population
is pure chimera. It is not necessarily from
any fault of his own that the unfortunate
delter vail never be able to meet his obliga-
tions. This disaster has been the result of
revolution, which has upheaved the foun-
dations OF our former systems and which
was net contemplated by either party when
the obligations were assumed. The inabili-
ty Of the debtor, then. to pay his debts is
calamity, and the debtor himself, instead of
being the subject of reproach, deserves the
sympathy of all fair-minded men. 1t was
to relieve this unfortunate class of men that
the bankrupt law was enacted. AS for dis
honesty, if man is SO disposed, he can
swear falsely in bankruptcy as in anything
else. But it is to be presumed that man is
honest who goes into bankruptcy, until the
contrary ls shown. We advise all those
who can not pay their debts and who are
honestly disposed to surrender all their
property and take the benefits of the
act, and begin life anew, to go into bank
ruptcy.
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