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Chapter 13 Bankrupcy

Under the laws of chapter 13 bankruptcy a creditor (a person who is owed money by another) cannot pursue a co-signer to recover financial loss from a debt owed primarily from the debtor (the person who files the chapter 13 claim). Many people are not aware of this rule, but it's in there. In fact, when a debtor files a claim for chapter 13 bankruptcy, their creditors can no longer pursue them either. Once the claim is filed, a stay is issued, and the creditors are notified of the filing by the clerk of the bankruptcy court. As long as you are under chapter 13 bankruptcy protection no creditors may contact you in any way and you cannot contact them in any way. All communication is done through the trustee (a court-appointed individual that oversee the repayment process under the plan issued by the court).

Fast Facts

  • Even though the filing of a chapter 13 bankruptcy claim can save a bank from foreclosing on your home, you are still obligated to make all mortgage payment that come due during the chapter 13 plan time.
  • Chapter 13 bankruptcy is sometimes referred to as a wage earner's plan.

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