Creditor's rights

From Wikipedia, the free encyclopedia

Creditor's rights is a legal term used to describe the set of procedural provisions designed to protect the ability of creditors - persons who are owed money - to collect the money that they are owed. These provisions vary from one jurisdiction to another, and may include the ability of a creditor to put a lien on a debtor's property, to effect a seizure and forced sale of the debtor's property, to effect a garnishment of the debtor's wages, and to have certain purchases or gifts made by the debtor set aside as fraudulent conveyances. The rights of a particular creditor usually depend in part on the reason for which the debt is owed, and the terms of any writing memorializing the debt.

[edit] Specialized lawyer's practices

Some lawyer have a specialized practice area focused on the collection of such debts. ^[1] Such attorneys are frequently referred to as collection attorneys or collection lawyers.

Attorneys who practice in the area of "creditor's rights" will perform one or all of the following:

• Filing lawsuits and using other legal collection techniques to collect consumer debts (i.e. debts owed by individuals).
• Filing lawsuits and using other legal collection techniques to collect commercial debts (i.e. debts owed by businesses).
• Representing a creditor's interests in a bankruptcy proceeding.
• Foreclosure of homes or commercial real estate if the purchaser defaults on payment.
• Recovery (or replevin) of secured goods (e.g. automobiles) if the purchaser defaults on payment.

[edit] References

[edit] See also

• Accounts receivable
• Bankruptcy law
• Collections
• Contract law
• Contribution claim (legal)
• Creditor
• Debtor
• Fair Debt Collection Practices Act