TITLE LVII INSOLVENCY PROCEEDINGS AND ASSIGNMENTS FOR CREDITORS
CHAPTER 568 INSOLVENCY PROCEEDINGS
Creditor's Petition
Section 568:43
568:43 Procedure. –
The judge of probate, upon petition, under oath of any creditor or creditors of a debtor residing in the county, setting forth that the debtor is owing the petitioner or petitioners $300 or more, that his property within the state, not exempt from attachment, is in their belief insufficient to pay his debts, and that they are not entitled to proceed under the Bankruptcy Act, shall appoint a time and place of hearing and cause the petitioner to give notice thereof to the debtor. If, after the hearing, the facts set forth in the petition are found to be true, the judge shall adjudge the debtor insolvent and issue his warrant to the sheriff of the county or one of his deputies, directing him forthwith as messenger to take possession of all the estate, real and personal, of the debtor not exempt from attachment and to safely keep the same until further order of the court. The judge may also order the debtor to return a list of his creditors and a schedule of his property, each verified by his oath, within a prescribed period of time.