The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-06-27
For the Virginian.]
The Repeal Of the Bankrupt Act.

Congress at its late session passed an Act
absolutely repeating the Bankrupt Act, and
the President having approved the Act, it
has now become the law OF the land hence,
on the LIST of Septic mber, 1878, the privilege
to avail of the benefits OF the law will cease.
This law has been in force since the End
of March, 1877. Mr.. Bump, in the pre-
face to the first edition of his treatise ON
Bankruptcy well says: ''The misfortunes of
protracted war had placed burden of
debt upon many which they could never
hope to pay. The debt in most cases was
honestly contracted, but those unforeseen
contingencies, of which there are so many
in such crises, had blasted all anticipations.
The debtor found himself hamperetl and
fettered, without any possibility of escape.
The Bankrupt Act came to afford the need
ed relief, and the court records and reports
show how eagerly its privileges were en-
braced. Present appearances indi-
cate that the Bankrupt Aet.will constitute
permanent part of the national law
1t seemed for long time that the policy
of the government would be to perpetuate
the system, if not under its present form, at
least with such notifications as would tend
to relieve it of many of the grounds of OBJ
lection urged against it by both debtor and
creditor class in the community. Whilst
thousands have availed themselves of its
benifcenc provisions, with honest intent
and to the manifest benefit of the best In,
terests of community, yet many others
have used it as means to cover up frauds,
by means of, which TO relieve themselves
of the burden Of debt, and the legal obliga-
tions 10 pay the debt. and still really enjoy
the benefit of property, obtained by means
of the l-placed confidence of friends.
And thus has arisen a continual warfare
upon the statute by the creditor class of the
people, and many Of the imperfectioEs of
the law have created enemies to its opera
ration and continuance, even among the
debtor class. And the result of this war;
fare is now seen in the total repeal OF the
Act, to take effect at comparatively early
day.
benefit of the Bankrupt Act, who are OPP
pressed by the burden of Indebtedness to
such an extent as to be unable either to pay
or to carry on legitimate business, so as
to earn support for their families. and thus
become useful members of society, at once its
take steps to avail themselves of the relief
afforded in the Bankrupt Court. by preparing
and filing their petitions and schedules, be-
fore the arrival of the day when the repeal
of the law will take effect; for the repeal
ing Act provides that all cases pending on
the LIST of September, 1878, shall proceed to
termination under the provisions of the
present law. Hence petitions can be filed
up to II o'clock on the night OF Saturday,
August 31st, 1878.
The fees and costs in Bankruptcy are as
follows: 5000 deposit fee to be paid to
the Clerk on filing the papers, and $l4.0O to
be paid the Register, on filing your petition
for final discharge. This last petition may
be filed in 60 days after the filing of the pc
| tition and schedules with the clerk. For a
plain case in bankruptcy, where there is not
property to be disputed over between the
bankrupt and his creditors, these fees will
cover all that will fall uron the bankrupt
In the event of an injunction proceeding, on
the part of the bankrupt. of course further
fees will attach; but these proceedings, il
we'll advised, will always result successfully
to the bankrupt, and he will recover the cost;
against the opposing party.
| In the preparation OF the papers, it is nee.
essIry that great care be taken. A plain
case, if properly prepared, will result, with
good office attention, in discharge to the
bankrupt within from four to six months.
| And even If there should be litigation o.el
the title to property, twelve months, will
vigilance and activity on the part of bank
rupt and creditor, is SIMPLE time for OBJ
tanning the discharge of the bankrupt, and
after that the costs can by no possibility fall
upon him.
The costs OF preparing the papers anl
placing the bankrupt in readiness to fill,
them, and thus initiate his case, will rot ex
coed $40. For this sum arrangements car
be made with DIR. Vim. j. Points, Commits
sioner at Harrisonburg, Va, for the preDar-
ton of the papers and any necessary atten.
ton to the case, except in case of an injunc
ton proceeding, Or q contest over right Of
property in which event a reasonable ar
rangement can be made for any additional
fee.
The bankrupt secures against all debt
against which discharge in bankruptcy
operative, the sum Of $4,000, either in per
sonal property or the proceeds OF the sale Of
personal property and also the specific per
sonal property bound in the 'poor man.
law of Virginia, and other minor excep-
tions, amounting altogether to not less thar
$500 in value. The Homestead exemption
can be secured against all debts contracted
subsequent to the 9th ofaJuly, 1863, in whicl