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LSDefine

Simple English definitions for legal terms

creditor

Read a random definition: Law Enforcement Assistance Administration

A quick definition of creditor:

A creditor is someone who is owed something, usually money, by another person or entity called a debtor. If a debtor cannot pay their creditors, they may declare bankruptcy, and the assets they have will be distributed to their creditors based on a list of priority. Creditors can use legal methods like liens and garnishment to ensure that the debtor pays their obligations.

A more thorough explanation:

A creditor is a person or entity that is owed an obligation, usually in the form of money for services rendered or a loan. The person who owes the obligation is called a debtor.

Debtor-creditor law governs the relationship between creditors and debtors, including the methods that creditors can use to force debtors to fulfill their obligations. These methods include placing liens on property, garnishing income, and requiring security interests.

If a debtor is unable to repay their creditors, they may declare bankruptcy. In a bankruptcy proceeding, all of the debtor's creditors are ranked based on the type of debt they hold. Creditors with priority claims are paid first, followed by those with non-priority claims.

For example, if a person takes out a loan from a bank, the bank becomes a creditor. If the person is unable to repay the loan, the bank may use legal methods to force the person to fulfill their obligation, such as placing a lien on their property or garnishing their wages. If the person declares bankruptcy, the bank may only receive a portion of the assets available for distribution, depending on their ranking among the debtor's creditors.

credit union | creditor's claim

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General

General chat about the legal profession.
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medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
20:48
what.jpg @Dkk
CynicalOops
21:03
You think you just fell out of a coconut tree?
jackfrost11770
21:10
nope dk
CynicalOops
22:37
Calvinamala Harris
jackfrost11770
23:16
should i start using letterboxed again
Dkk
23:25
@jackfrost11770: if you want but like it aint for me
dk do u ever eat at bk
Dkk
23:48
@chickenburgahfart: I would do that in the Army if really desperate for food or if I had to work through lunch. One of the few fast food places I go to.
bk so slept on
Dkk
0:23
I will take In N Out everyday over it when I can though.
texaslawhopefully
1:22
In N Out is not only the best fast food place, but the prices too are fantastic
Dkk
1:27
Indeed, indeed.
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