Article 331 of Civil Code

1 - A suspensive term is presumed to have been stipulated for the debtor's benefit, unless the law provides, or it appears from the contract or the circumstances, that it was stipulated for the creditor's benefit or for the benefit of both parties together. 2 - If the term is exclusively for the benefit of one party, that party may waive it. The debtor shall forfeit his right to the suspensive term: (a) If he is adjudged bankrupt.