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A 'reasonable person' is a legal fiction I'm pretty sure I've never met.
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Legal Definitions - list of creditors
The young man knows the rules, but the old man knows the exceptions.
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Definition of list of creditors
A list of creditors is a document that contains the names and addresses of people or companies that are owed money by an individual or business. This list is usually required in a bankruptcy proceeding.
John is filing for bankruptcy and needs to provide a list of his creditors. His list includes:
- ABC Bank - $10,000
- XYZ Credit Card Company - $5,000
- Joe's Auto Repair - $2,500
In this example, John owes money to three different creditors and their names and the amounts owed are listed in his list of creditors.
Another example could be a business that is struggling to pay its bills and needs to create a list of all the companies it owes money to. This list would include the names and addresses of each creditor, along with the amount owed.
The end of law is not to abolish or restrain, but to preserve and enlarge freedom.
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Simple Definition
A list of creditors is a document that includes the names and addresses of people or companies that are owed money. This list is important in a bankruptcy case because it helps the court determine who needs to be paid and how much they are owed. Think of it like a shopping list, but instead of groceries, it's a list of people who need to be paid back.
Ethics is knowing the difference between what you have a right to do and what is right to do.
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