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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).
Secured creditors are first in the payment hierarchy, followed by unsecured creditors. A secured creditor has a charge over a particular asset or a set of changing assets. Unsecured creditors don't hold a charge and receive money should there be some available once the above creditors have been paid.
In general, secured creditors have the highest priority followed by priority unsecured creditors. The remaining creditors are often paid prior to equity shareholders.
A secured creditor is a creditor whose claim is supported by a security interest in a debtor's assets. A classic example of a secured creditor is a lender who has a loan agreement with the debtor under which the amount of the loan is secured by a lien on all the debtor's assets.
The secured creditor holds priority on debt collection from the property on which it holds a lien. The unsecured creditor gets no such protection; its best method of repayment from its debtor is voluntary repayment.
Because they have no collateral that can be liquidated to satisfy the debt, unsecured claims have lower payment priority than secured claims and are only paid to the extent that funds are available.
While the term 'financial creditor' has been defined as ?any person to whom a financial debt is owed and includes a person to whom such debt has been legally assigned or transferred to? , the term 'secured creditor' has been defined as ?a creditor in favour of whom security interest is created? .
Now, in most consumer cases, creditors don't attend the 341 meeting, even though it's called the meeting of creditors. In probably 95, if not 98% of cases, no creditors actually attend. It's only going to be the trustee that will be asked some questions to verify your financial situation.