Insolvency Law, Defined

The provisions of this Part shall be known and may he cited as The Insolvency Law and in accordance with its provisions every insolvent debtor may be permitted to suspend payments or be discharged from his debt and liabilities. SOURCE: CCP 1280. This entire part was enacted in 1953. Therefore, all references to the source herein will refer to the original enactment unless there has been a later amendment. COMMENT: To the best of the Compiler's knowledge, as of March, 1990 no debtor has used this part since at least 1970. Rather, debtors seeking protection, or forced into it by creditors, have used the federal Bankruptcy Law, enforceable through the District Court of Guam. However, the federal Bankruptcy laws do recognize certain local exemptions, which may be found in this Chapter and elsewhere in this Title.