subject: Working With Gary P. Lightman On Creditors Rights [print this page] A creditor can be an individual or organization that lends money or services upon a repayment contract. Creditors may be individuals, credit card companies, banks, insurance providers or other corporations.
There are two types of creditors: personal and real. An individual creditor loans money to family or friends. Real creditors require legal contracts that grant the creditor collateral if the borrower doesn't repay the borrowed funds. Often times personal creditors don't make legal contracts and end up losing the money. I believe we have all heard the saying "don't lend money to family". With a contract though, the chances are much greater.
Creditors rights protect the creditors and enable them to collect the money that they're owed. In some cases a creditor can put a lien on the debtor's (person who owes money) property or force the sale of their property to offset the money owed. The rights of the debtor and creditor rely on the contract agreed upon and the reason the money is owed.
You will find lawyers who focus on creditors rights in the New Jersey/ Philadelphia area. Gary P. Lightman is just one of those lawyers.
A few of the items that lawyers like, Gary P. Lightman, would do are: file lawsuits to collect consumer and commercial debts, represent creditors at a bankruptcy proceeding, foreclose homes if debts aren't paid and recover secured goods if debts aren't paid. Everyone hopes it wouldn't come to this, however it often does.
Credits rights are very important because as dept continues to grow in america, individuals need to know they can't get away with failing to pay what is owed to people, credit card companies, banks or any organization in which funds are owed. When a contract and legal contract is signed, the borrower must abide by what the law states and do that which was decided upon.
