“ The law provides a complete system throughout the United States, and for its administration by the United States courts in place of the different systems formerly in existence in the various States administered by State courts. In bankruptcy proceedings, a bankrupt debtor may turn over all his property to the court, to be administered for the benefit of his creditors, and then get a complete discharge from his debts. ”

“ BANKRUPTCY LAWS, regulations passed by a competent authority with a view to distributing the property of an insolvent equitably among his creditors and free the debtor from further obligation. In England, before 1841, only a tradesman could be a bankrupt. ”

“ The provisions under which a man can be thrown into bankruptcy against his will are as follows: (1) Where a man has disposed of his property with intent to defraud. (2) Where he has disposed of his property to one or more creditors to give a preference to them. ”