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LSDefine

Simple English definitions for legal terms

creditor

Read a random definition: executrix

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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this election has the potential to push america further into ultranationalist populism
Dkk
19:42
Maybe, didnt happen last time.
19:42
it was hard to not improve it. google search was terrible due to the ads and seo cheaters with buzz words and alt text
Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
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