It seems like such a simple question doesn’t it? What is a creditor? A creditor is someone who you either owe money to or claims you owe money to.
For example, you might have a 10k balance on your Master Card account. Master Card is a creditor of yours. You owe them 10k and they would like you to pay them 10k.
Renting and Your Creditors
Sometimes, whether the creditor is actually a creditor is disputed. For example, say you rented an apartment from landlord and landlord says you damaged the apartment and now you owe her 3k for repairs. You say, we did not damage the apartment. Plus, you say, we want our damage deposit back. The landlord sues you and you counterclaim. Landlord claims to be a “creditor” of yours and you claim to be a “creditor” of hers! This happens all of the time in litigation.
We call the above debts “disputed” but we always list them on the bankruptcy anyway. Why? You always want to error on the side of including anyone in the Universe who claims you owe them money. Sometimes, the money you owe may not only be disputed but it may also be “contingent”. For example, assume landlord needed to get a repair estimate for the damage she claims you caused. Her damage claim may be “contingent” or determined once the estimate for damages comes back.
With the above said, the vast majority of debt is not disputed or contingent. It is fixed. Most guests don’t have any real dispute about the debt they owe. I signed a contract for a credit card and I incurred the debt. Period!
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