Creditor At Large refers to a creditor who is not specifically named or identified in a legal document, such as a contract or loan agreement. This term is often used in the context of bankruptcy proceedings, where a creditor at large may be entitled to a share of the debtor’s assets without having a specific claim or lien on any particular property. In such cases, the creditor at large may need to file a proof of claim with the bankruptcy court in order to receive a distribution from the debtor’s estate.
A Creditor At Large refers to a creditor who is not specifically identified or named in a contract or agreement, but has a legal right to claim payment from a debtor.
To establish their claim, a Creditor At Large must provide evidence of a valid debt owed by the debtor, such as invoices, contracts, or other relevant documentation.
Yes, a Creditor At Large can pursue legal action against a debtor to recover the debt owed. They may file a lawsuit, obtain a judgment, and seek enforcement measures such as wage garnishment or property liens.
In bankruptcy proceedings, a Creditor At Large has the right to file a proof of claim to assert their debt and participate in the distribution of assets. However, their claim may be subject to certain priority rules and may not be fully satisfied if there are insufficient funds.
Yes, a Creditor At Large can negotiate a settlement with the debtor to resolve the debt. This may involve accepting a reduced amount or agreeing to a payment plan that suits both parties.
Yes, a Creditor At Large can sell or assign their debt to another party, such as a debt collection agency. However, the debtor must be notified of the transfer, and the new creditor assumes the rights and responsibilities associated with the debt.
Yes, a Creditor At Large can charge interest on the debt if it was agreed upon in the original contract or if allowed by applicable laws. However, the interest rate must comply with usury laws and any limitations set by the jurisdiction.
Yes, a Creditor At Large can report the debt to credit bureaus, which may impact the debtor’s credit score and ability to obtain credit in the future. However, they must comply with the Fair Credit Reporting Act and other relevant regulations.
No, a Creditor At Large must adhere to fair debt collection practices and cannot engage in abusive, deceptive, or harassing tactics. They must comply with the Fair Debt Collection Practices Act and other applicable laws to ensure ethical and legal debt collection practices.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 5th April 2024.
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