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Q.What rights does a creditor have against a debtor who has filed for Bankruptcy?
A.When presented with a notice that a debtor has filed for bankruptcy, the creditor must immediately stop all collection efforts. However, a creditor may:
- Share in any distribution from the bankruptcy estate according to the priority of his or her claim. Most unsecured non-wage claims have a low priority, and may receive little or nothing.
- Be heard by the court in matters concerning the debtor's plan (in chapters 11, 12, and 13), the liquidation of the debtor's nonexempt assets, and payments from the assets of the bankruptcy estate.
- Challenge an individual debtor's right to a discharge, or to the discharge of a particular debt.
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