Unsecured Creditors In India
Description
How to fill out Sample Letter For Application Of Unsecured Creditors For An Order Authorizing Employment Of Investment Banker?
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FAQ
Additionally, there is frequently a sense that the ?little guy? has no rights at all and is defenseless. However, this is not the case because under Corporate Law, regardless of the size of the company or the amount of the debt, all unsecured creditors are given the same protection.
Some of the most common types of unsecured creditors include credit card companies, utilities, landlords, hospitals and doctor's offices, and lenders that issue personal or student loans (though education loans carry a special exception that prevents them from being discharged).
Creditors in bankruptcy cases have debts paid either by waiting for a distribution from the estate (unsecured creditors), by reclaiming property from the bankruptcy estate (secured creditors), or by obtaining a judgment that the debt is not dischargeable.
In addition to suing the borrower, lenders can also report any instances of default or delinquency to a credit rating agency. Alternatively, the lender can also hire a credit collection agency that will then seek to collect the unpaid debt.
As an unsecured creditor, you can file a proof of claim, attend the first meeting of creditors, and file objections to the discharge. You can review the bankruptcy papers that were filed to determine whether there are any inaccuracies.
