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Perspective on Bankruptcy bill
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Can I pursue my claim after bankruptcy?Not generally. The bankruptcy discharge granted to an individual debtor prevents a creditor whose claim is dischargeable from pursuing the debtor anytime in the future with respect to that claim. Secured claimsIf a creditor's claim is supported by a lien, the lien survives bankruptcy as a claim on the property to which it attached before bankruptcy, unless a judge avoided the lien during the bankruptcy. A creditor who wants to foreclose on a lien must either get relief from the automatic stay or wait until the property impressed with the lien is no longer property of the estate. Property leaves the bankruptcy estate when it is 1) exempted, 2) abandoned, or 3) the case is closed. Claims against corporationsA corporation in a Chapter 7 doesn't get a discharge; the bankruptcy liquidates the assets, but the claims that remain unpaid remain debts of the corporation. The claim is almost always worthless since a bankrupt corporation almost never acquires assets in the future from which the claim can be paid. A Chapter 11 confirmed plan replaces the creditor's prepetition claim with the rights created in the plan. It is a new contractual obligation between debtor and creditor. Liability of othersThe debtor's discharge, or the automatic stay in a Chapter 7 or Chapter 11 case only protects the debtor. Neither the discharge nor the stay prevent a creditor from asserting the claim against others who are liable on the claim. In Chapter 13, the automatic stay does extend the court's protection to co debtors liable with the debtor on consumer debts.
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