An inhabitant of this state owing debts which he is unable to pay, and who is not entitled to proceed under the Bankruptcy Act, may make an assignment, for the benefit of his creditors, of all his estate and effects not exempt from attachment to the judge of probate for the county in which he resides and to such assignee and his successors as the judge may appoint. If any part of the debtor’s property is real estate, the assignment shall be executed with the formalities required in the case of deeds of land. The assignment, however made or expressed, shall be construed to convey all the debtor’s estate not exempt from attachment and all property which might have been taken on execution upon a judgment against him at the beginning of the proceedings in insolvency. He shall at the same time make, on oath, and deliver to the judge, for the use of the messenger, a schedule containing a full and true list of the names of his creditors, and of the place of residence of each, if known to him.