Bankruptcy is a legal process to ensure the satisfaction of debt and the ability of entities to continue their livelihood. There are four main sides to any bankruptcy case: debtor(s), creditor(s), trustee, and the court. Each side adds an equivalent part to bring on a whole speedy process to the case.  Click on the informative Understanding Bankruptcy graph below for an explanation of terms.

CREDITOR:
Definition
Garnishment
Liens
Mortgages
DEBTOR:
Definition
Rights and Duties
Protection
TRUSTEE:
Definition
Bankruptcy Trustee
Qualifications
Duties
THE COURT:
Definition
Official Forms
Bankruptcy Types

Creditor Definition


The party issuing credit to a borrower; in real estate, creditors are the financial institution investing varies pools of funds in the form of mortgage payments
Creditor is an entity created through an exchange for the benefit of a debtor. It is the party issuing credit to a borrower; in real estate, creditors are the financial institution investing varies pools of funds in the form of mortgage loans. Creditor is an important part of the business cycle as creditor supplies the market with funds in exchange of equity interests. Creditor holds many forms. For example, if a consumer purchases items from a store using a credit card issued by the store, the store becomes a creditor and the consumer a debtor.

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Government Bankruptcy Resources


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What Documents Do I Need To File For Bankruptcy?


We want your bankruptcy to go as smoothly as possible. See what documents you should have prepared.  Read more