The Cast of Characters: The Players of the Bankruptcy Drama
Now that we know the basic framework of bankruptcy law, it’s time to meet the various parties involved in a bankruptcy case and understand their roles in the process.
Debtors and Creditors
Debtors and creditors are the stars of the bankruptcy show. The debtor is sometimes called the petitioner, since they file a bankruptcy petition to open the case. The debtor is the subject of the bankruptcy: the party that is either liquidating or restructuring their debts. The creditor is any party that has a claim for a debt or obligation from the debtor. The debtor may owe the creditor for a past due or current debt, or may be under an obligation pursuant to an agreement (installment ...
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