Creditors Rights

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.