Question: Hello please help me write a comment or reply to this post below Secured creditors have the most control over a debtor. For example in

Hello please help me write a comment or reply to this post below
Secured creditors have the most control over a debtor. For example in the event the debtor is unable to pay the creditor, the creditor has the right to use the property or whatever asset they have signed to have control on and use that to pay the debt that the debtor has incurred.
Unsecured creditors have the right to receive payment for what the debtor has owing. They have signed a contract to say that they are entitled to receiving their payment. In the event that the debtor does not make a payment the creditor has no control on seizing a property or asset to pay off the debt.

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related General Management Questions!