Creditor is an adjective that names the person who has merit to obtain something, or the right to request the fulfillment of an obligation. For example: “The Peruvian writer Mario Vargas Llosa was awarded a new edition of the Nobel Prize for Literature”, “The creditor of the distinction is contestant number four”.
Becoming a creditor of a thing or a title is the same as saying win or receive, although its use is reserved for contexts of a certain formality, especially in written language. In general, the result of a contest is usually expressed by using this construction for its dissemination in the press (“Juan Pérez won the first prize”), while in everyday speech one of the alternatives mentioned above is usually used (“Juan won the first prize”).
Called credit balance to that which lies in having a credit or account, and is a positive amount; on the contrary, the amount in red is known as the debtor balance, which is not owned but appears in the debit.
The most common use of the concept indicates who has the right to have a debt satisfied. The creditor, in this sense, is a person (whether physical or legal) who is legitimately empowered to demand the payment of a previously contracted obligation. This means that even if one of the parties does not have the means to fulfill its obligation, it does not expire and the creditor can still demand payment. In the case of a bankruptcy, the one who has a priority collection right is known as a preferred creditor.
The creditor is entitled to demand full compliance with an obligation within the time allowed and, in the case where the other party fails to comply, can claim a compensation for damages and losses.
There are different types of creditors according to the existing guarantees and the nature of the obligation. Despite the fact that the creditor can demand the fulfillment of an obligation, in general the salary of the people is not attachable in its entirety. Therefore, even when a person declares bankruptcy (which indicates that he has no funds to pay a debt), the creditor cannot garnish his salary to collect, but only a percentage and according to certain specifications.
It is known of bankruptcy to the legal process that begins when a natural or legal person (one company) becomes insolvent and does not have the means to meet the total debt. It covers bankruptcy and suspension of payments cases, and only public entities are excluded.
The only requirement for a natural or legal person to be declared in bankruptcy is that the debtor is insolvent, that he does not have the possibility of regularizing his payment obligations as required by the other parties. There are essentially two types of contests of creditors, which are as follows:
* volunteer: one who urges the same debtor;
* required: the one claimed by creditors before the debtor does.
One of the advantages of the voluntary declaration in a situation of bankruptcy is that only in this way the debtor retains the powers to manage and dispose of his own assets; in the case of a necessary contest, said power remains in the hands of the administrators. On the other hand, it is worth mentioning that the bankruptcy judge can make various modifications to these conditions, as he sees fit.
Despite the fact that filing voluntarily is always beneficial for the debtor, this measure does not prevent his habitual residence from being repossessed, as indicated by the current Bankruptcy Law.
