Generally speaking, in Virginia, Creditors’ Rights involves one problem: How does a creditor force a recalcitrant debtor to pay a legal obligation?
Types of Creditors:
1. General Creditors – A general creditor has a claim only against the total assets of the debtor. A general creditor cannot force the debtor to pay the claim until he obtains a lien on the debtor’s property.
2. Secured or Lien Creditors – A secured creditor possesses an interest in some specific property of the debtor to which he may look to satisfy his claim. The interest the secured creditor owns is called a lien. There are three type of secured (lien) creditors:
a. Consensual lienors have acquired their interest in their debtor’s property by agreement.
b. Statutory lienors have acquired their interest in the debtor’s property by force of a statute.
c. Judicial lienors have acquired their interest in their debtor’s property by use of some legal process.
As usual, every law has exceptions. Consult with a Charlottesville attorney to get the full scoop.
Tucker Griffin Barnes P.C.
Charlottesville, VA
434-973-7474
Inquire@TGBlaw.com
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