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LSDefine

Simple English definitions for legal terms

creditor

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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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22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
soyalmondoatmilk
8:38
good morning! hoping waves will come our wave today
8:42
GW wave today?
8:57
There’s someone I found on here with the username threeoutchange and if my understanding is correct that’s a reference to the debut album by a pretty cool 90s-00s Japanese band called Supercar. I geeked a little
8:57
It could just be a baseball reference I don’t get though lol
Dkk
9:00
@renard99: also, the same band that does a song in the anime Eureka 7 which I watched when I was like idk, 12
9:00
Yeah! They are pretty good. Three Out Change is an awesome J-rock record
Dkk
9:01
I will probably not listen to them more but fun fact. Really random to start the day. An omen that the waves will be very random today.
Dkk
9:03
Fuck, reading the wikipedia now. Literal last song they did before they broke up was Storywriter. Wow.
9:05
That one is a masterpiece
9:05
My favorite song by them is Recreation
glovediedthisishismom
9:05
snowing
Dkk
9:07
@renard99: man, hard to find.
Dkk
9:07
@glovediedthisishismom: Congrats on the snow.
Dkk
9:16
@renard99: Poetic and nice.
9:42
My name is renard99 and I just sent @babycat feet pics
glovediedthisishismom
9:42
nobody is at the office today they should let little glovey go home and watch harry potter
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