Legal Question in Bankruptcy in New York

If you file a Chapter 7 Petition in Bankruptcy or a Chapter 13 Petition in Bankruptcy (which are the available bankruptcy types for individuals), then almost all creditors will be prohibited from seeking to collect a debt or debt obligation due to the bankruptcy Automatic Stay provisions of Section 362 of the Bankruptcy Code. Therefore, if you were involved in a bidding process wherein you placed a bid on a horse and then filed a petition in Bankruptcy, unless fraud is alleged, you will be protected from any debt obligation even if you withdraw your bid. If your question relates to a Chapter 11 case, then you may be liable for the bid.