Examlex
What is consumerism and how has it influenced marketing?
Creditors
Individuals or institutions to whom money is owed by debtors.
Unsecured Creditors
Creditors that lend money without taking collateral, meaning they do not have a claim on specific assets of the borrower in case of default.
Secured Creditors
Creditors who have a legal claim to specific assets of a debtor as collateral for the debt owed to them.
Chapter 7 Proceeding
A type of bankruptcy process that involves the liquidation of a debtor's non-exempt assets to pay off creditors.
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