Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1868-02-20
From the Norfolk Journal.
THE BANKRUPT LAW.

THE POLICY OF THE LAW.
Every country is subject to financial crises. These
ure the earthquakes of the civil and political world
and recognizing the fact into the cause of which il
is needless, for our present purposes, to enquire
These crises, of course, affect everybody, and Of
themselves often destroy, suddenly, accumulated
fortunes. ....s t.. .,.
Again, the ''best laid schemes Of mice and men
gang aglee,' and that, too, without any fault in
the schemer, mice or men. A country Aourishes
by the energies of individuals. Debts and misfor-
tune destroy these energies. Therefore all States
have had Bankrupt Laws. They are designed to
relieve the unfortunate man of q load of crushing
debt, and to send him into the world again, with
new hopes, new energies, and new credit.
Nearly all the States have insolvent laws They
are as different as the States They only afford re.
lief from Indebtedness in the particular State. A
New York insolvent law does not discharges New
York citizen from debt due to q Virginia credit.
or, and vice uersa. The trainers of the Constitu.
ton knew this, and hence they provided for a
Bankrupt Law, which should be general to all the
States. There is henceferth to be no conflict oi
laws upon this subject The country needed the
law. 1t has it It is law, general, wise, polite,
humane, and in ''the very nick of time," and the
man who can and ought to take advantage of. it,
and does not, will live to regret it, and be hereafter
convinced that he had much more morbid sensi
bility than high moral courage and practical good
sense. :. ....r.... .,,. .. .-....... .
THE PROVISIONS OF THE Law. .-y.a.
These are too numerous to be enumerated, and
they are not of public interest. Suffice it to say
that they direct that any person who owes $4,000
three hundred dollars, may petition the court to
be declared bankrupt. The petition must be ac-
companied with a full, complete and exact sched.
u,of all his debts, his creditors, and
and an inventory of his property, real or personal,
in possession Or in action. The petition, schedule
and inventory must be sworn to. The rules of the
Supreme Court of the United States declare that
this petition inventory and schedule shall be plain
y written, without abbreyiation or interlineation,
and this rule ought to be most literally observed,
for petitions have been denied because Of the use
of Do, Ditto, and {"
The most minute and exact care has to be OBJ
served in the preparation Of the necessary papers,
an unprofessiona man cannot properly prepare
them, and those prepared by attorneys have to be
amended. ~, 4,.. ,a...;..s.. s,.,. 4.
Wban tho o,aot;.iasa-::-----~-L-Ll- -L-Ll--~~..I:.---l-
nothing further to do except ...r ...
TO APPLY FOR HIS DISCHARGE,
Which he can do in two months, if no assets come
to the hands of the assignee, or if no debts are
proved against him.
If assets do came to the hands Of the assignee,
and if debts are proued against the estate, he can
not apply until the lapse of six months. .
... OPPOSITION TO TILE DISCHARGE.
Any creditor who has proved his debt can op.
pose the discharge either when it is regularly ap-
piled for, or before The acts which prevent dis
charge are enumerated in the law, and may be
summed up in one word-any fraud upon his cred
itors, either direct or Indirect and some of the acts
will not only defeat the discharge, but will subject
the petitioner to punishment for misdemeanor,
and if guilty he s,shall be punished by imprison-
ment, with or without hard labor, for term not
exceeding three (3) years.
ADJUDICATION OF BANKRUPTCY
Takes effect as soon as the petition is properly
fled. From all debts then existing, the bankrupt
is discharged, except those due as a fduciary or
public officer.
AFTER ACQUIRED PROPERTY.
All after acquired property is, all property
of whatsoever degree or character acquired by any
means-is the bankrupt's. This is very wise
feature, and is the very reverse of the English law
THE COSTS!
The law upon this point is conflicting and unin-
teligible The practice of the court is to require
the pre- payment of all the fees, which involves an
outlay of ($5O) fifty dollars.
VOLUNTARY INVOLUNTARY.