Within the (consumer) bankruptcy proceedings, each of the creditors’ categories (privileged and non-privileged creditors) that may appear in it may have an identical interest – to protect the right of execution of their claims. However, their attitudes and expectations do not have to be always different, but due to the different position and consequences that they can endure during consumer bankruptcy proceedings that is very possible. The aim of the paper is to present and analyze the position of one of the party to the proceedings respectively the guarantor’s position as a “plain” bankruptcy creditor in the consumer bankruptcy proceedings. During the research a methodological approach was used that includes the study of domestic and foreign literature, the study of relevant legislation and jurisprudence. For the purposes of this work, authors will give a brief comparative legal review of the US bankruptcy law institute for the purpose of analyzing the guarantor’s position in the paradigm of Anglo-Saxon model. Our case law must accept the fact that the principles of the precedents are affirmed through the practice of the European Court of Human Rights (hereinafter: ECHR), and thus from judicial practice as a formal source of law. In particular, judgments of the ECHR will be analyzed in the proceedings pursuant to Art. 1 Protocol no. 1 under the European Convention for the Protection of Human Rights and Fundamental Freedoms (so-called right to peaceful enjoyment of property) because authors that knowledge about this can be crucial to understanding the main issues raised in this paper.