CODEBTOR STAY
co-debtor stay: translation
- co-debtor stay
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In Chapter 13, there is an automatic stay that prevents actions against guarantors or co-signers of consumer obligations of the debtor.
If a mother co-signs a son's car loan and the son files a Chapter 13 petition, the co-debtor stay will prevent the loan company from collecting from the mother, during the case. (Bernstein's Dictionary of Bankruptcy Terminology)
United Glossary of Bankruptcy Terms2012.
- co-debtor stay
-
In Chapter 13, there is an automatic stay that prevents actions against guarantors or co-signers of consumer obligations of the debtor.If a mother co-signs a son's car loan and the son files a Chapter 13 petition, the co-debtor stay will prevent the loan company from collecting from the mother, during the case.
US Bankruptcy2012.