Bankruptcy Law :: Papers

Bankruptcy Law The federal order for the form of bankruptcy commonly known as Chapter 13 is cited in legal briefs as 11 USC CHAPTER 13 - ADJUSTMENT OF DEBTS OF AN idiosyncratic WITH REGULAR INCOME. Section 1301 this code non only relieves the bankrupt debtor, however it also relieves the codebtor. US Code as of 01/23/00 Sec. 1301. Stay of go through against codebtor (a) Except as provided in sub separates (b) and (c) of this section, afterwards the order for abatement at a lower place this chapter, a creditor may not act, or commence or persist in any civil action, to collect all or any ruin of a consumer debt of the debtor from any someone that is liable on such(prenominal) debt with the debtor, or that secured such debt, unless - (1) such individual became liable on or secured such debt in the ordinary course of such individuals business or (2) the case is closed, dismissed, or converted to a case under chapter 7 or 11 of this title. (b) A creditor may present a transferable instrument, and may give notice of dishonor of such an instrument. (c) On bay of a party in interest and after notice and a hearing, the court shall grant relief from the stay provided by subsection (a) of this section with enjoy to a creditor, to the extent that - (1) as between the debtor and the individual protected under subsection (a) of this section, such individual received the friendship for the claim held by such creditor (2) the plan filed by the debtor proposes not to pay such claim or (3) such creditors interest would be irreparably harmed by continuation of such stay. (d) Twenty days after the filing of a request under subsection (c)(2) of this section for relief from the stay provided by subsection (a) of this section, such stay is terminated with respect to the party in interest making such request, unless the debtor or any individual that is liable on such debt with the debtor file s and serves upon such party in interest a written objection to the fetching of the proposed action.