The western Democrat. [volume] (Charlotte, N.C.) 1852-1870, 1868-01-21
Bankruptcy.
From the Raleigh Standard.

The following facts IN relation to the bankrupt
Law may be interesting and useful at this time
Any person who owes debts to the amount of
three hundred dollars is entitled to the benefit
of the bankrupt law. The first thing to be done
by the applicant is to deposit fifty dollars with
the Register to the costs of the application.
No step can be taken until this deposit is made.
If there is any money remaining after defraying
the necessary expenses it will be refunded. If
there are no assets larger deposit may be re-
CURED.
The Marshall 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.
At the time of making the deposit, the appli-
cant lles petition setting forth that he owes
debts to the amount of three hundred dollars and
is willing to surrender all his estate for the benefit
of his creditors under the act. The applicant
accordingly files two schedules, one containing a
list of all his debts and liabilities and the other
containing list of all his estate and interests of
every description. These two schedules are
sworn to before the Register and the applicant
is adjudged bankrupt.
The next step in the proceedings is to make
publication and serve notice on all the creditors
of the bankrupt calling for meeting of the credi-
tors at certain time alld place appointed At
elect ASST gnee. The assignee proceeds at
once to take possession of the bankrupt's estate,
lay off his allowance, sell property and collect
debts due him.
After the assignee has performed these duties
as far as practicable, he requests the Register to
order second meeting Of the creditors. The
order Is made and the ASS gnee notifies the par
ties. At this meeting the assignee reports his
proceedings and if he has assets, a dividend is
declared. \ third and fourth meeting may be
called if necessary to enable the assignee to make
a full and final report.
The estate of the bankrupt being thus dis
posed of, he is ready to apply for his discharge
Upon this application an order is made for the
creditors to meet at time and place appointed
and show cause why the petition of the bankrupt
should not be granted No cause appearing the
bankrupt is discharged and the proceedings are
at an end.
What are the benefits of the bankrupt law :?
In the first place, the bankrupt is allowed about
twelve hundred dollars worth of his estate. which
leaves him sufficient capital to begin life with
anew; in the second place he 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
on" ~iU he aho,rcd 10 take the 6cncft Of this act
49, "'''' no p'Df>t'.J UHt I"Y nay
ms "'6ts Those contemplating bankruptcy will
note this point
Some persons hesitate to- avail themselves of
the bankrupt law, supposng that it is dishonest
or at least dlshonorable. This is great mistake
The bankrupt law is wise and beuefcent pro-
vision and is designed to relieve the sufferines
OF our debt burdened people This cannot be
done by stay law, which if allowed to hold
could only postponed the evil day; and repudia-
ton IS pure chimera. 1t is not necessarily from
any fault OF his own that the unfortunate debtor
Will never be able to meet his obligations This
disaster has been the result of revolution. which
has upheaved the foundations of our former sys
tens and which was not contemplated by either
party when the obligations were assumed. The
inability of the debtor, then to pay his debts is
cat"'aHy, and the debtor himself, instead of
being the subject of reproach, deserves the SYM
pathy OF all tair-minded men, 1t was to relieve
this unfortunate class of men that the BANKRUPT
law was enacted. As for dishonesty, 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 is shown. We advise all
those who cannot 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 bankruptcy
OHIo,-The Hon. Mr. Thurman Democrat.