[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/what-are-the-different-types-of-creditors\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/what-are-the-different-types-of-creditors\/","headline":"What Are The Different Types Of Creditors","name":"What Are The Different Types Of Creditors","description":"What Are The Different Types Of Creditors?Watch this video on YouTube   In this video, Richard Killen, a Licensed Insolvency Trustee in Bankruptcy Toronto talks about, What Are The Different Types Of Creditors. In a Trustees world, there are three types of creditors, there are secured creditors, unsecured creditors, and contingent creditors. Contingent creditors are […]","datePublished":"2017-10-20","dateModified":"2024-04-19","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/admin\/#Person","name":"admin","url":"https:\/\/rkillen.ca\/author\/admin\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/11\/what-are-the-different-types-of.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/11\/what-are-the-different-types-of.jpg","height":720,"width":1280},"url":"https:\/\/rkillen.ca\/what-are-the-different-types-of-creditors\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=ealfiFdi2pI#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=ealfiFdi2pI","name":"What Are The Different Types Of Creditors?","description":"http:\/\/rkillen.ca\/what-are-the-different-types-of-creditors\/ In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, What Are The Different Types Of Creditors.\n\nIn a Trustees world, there are three types of creditors, there are secured creditors, unsecured creditors, and contingent creditors. Contingent creditors are if you have co-signed for someone for instance. You may never be asked to pay that thing because the other person is going to do all the paying. But, who knows. The ones we regularly have to deal with, the ones that matter, are secured and unsecured creditors. The vast majority of the ones that we deal with are the unsecured creditors. The unsecured creditors are the ones who don\u2019t have any particular rights in terms of being able to effect repayment of their debt. They have to go through the courts, get judgments and things like that. A secured creditor is a person who has a contract, you have given that person a contract, that specifically designates that they have a right to come and take a particular thing away from you if you don\u2019t pay them. So, a typical one is a mortgage. If you give a mortgage to the bank because they leaned your money to buy a house, then if you don\u2019t make the payments on that loan, that mortgage allows them to come and repossess the house. Same thing with a car loan and things like that. So a secured creditor is essentially a person who doesn't have a lot to do with a bankruptcy or proposal. They are kind of outside the bankruptcy and proposal.\n\nIf you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems.\n\nWe can meet with you during business hours or book after hours appointments if that is more convenient.\n\nContact us for a fresh start 1 (888) 545-5365\nLive your life free of financial stress!\n\nFollow us on Instagram: https:\/\/www.instagram.com\/killen_trustee\/\nFollow us on Twitter: https:\/\/twitter.com\/Killen_Trustee\nFollow us on Facebook: https:\/\/www.facebook.com\/rkillenassociates\nFollow us on Linkedin: https:\/\/www.linkedin.com\/company\/richard-killen-&-associates\/\nConnect on Linkedin: https:\/\/www.linkedin.com\/in\/richard-killen-020aaaba\/\n\nRichard Killen and Associates have 10 locations across the Greater Toronto Area.\n\nOur main office is at\n\nRichard Killen & Associates\n2130 Lawrence Ave\nEast Suite 402, M1R 3A6\nTel: (416) 285-9511\nhttp:\/\/rkillen.ca","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/ealfiFdi2pI\/default.jpg","https:\/\/i.ytimg.com\/vi\/ealfiFdi2pI\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/ealfiFdi2pI\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/ealfiFdi2pI\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/ealfiFdi2pI\/maxresdefault.jpg"],"uploadDate":"2017-11-01T09:04:59+00:00","duration":"PT1M39S","embedUrl":"https:\/\/www.youtube.com\/embed\/ealfiFdi2pI","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw#Organization","url":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw","name":"Richard Killen & Associates Ltd","description":"Since 1992 we at Richard Killen & Associates have helped thousands of people resolve their financial problems. With over 22 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.\n\nThe strength of our company is exemplified by the manner in which we treat our customers. We understand the intense pressure people are under. You will feel better after having spoken with our staff and your sense of dignity will be restored. The relief most people feel is tangible.","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AIdro_nK1yzM56nIFCGmWO7scxw1pLTW2Z8LVLH_kg8kdbbfw5M=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=ealfiFdi2pI#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=ealfiFdi2pI#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=ealfiFdi2pI&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=ealfiFdi2pI#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":573}],{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=ealfiFdi2pI#VideoObject_interactionStatistic_LikeAction","interactionType":{"@type":"LikeAction"},"userInteractionCount":5}]},"about":["Bankruptcy"],"wordCount":307,"keywords":["Bankruptcy","What Are The Different Types Of Creditors"],"articleBody":"What Are The Different Types Of Creditors?Watch this video on YouTube In this video, Richard Killen, a Licensed Insolvency Trustee in Bankruptcy Toronto talks about, What Are The Different Types Of Creditors.In a Trustees world, there are three types of creditors, there are secured creditors, unsecured creditors, and contingent creditors. Contingent creditors are if you have co-signed for someone for instance. You may never be asked to pay that thing because the other person is going to do all the paying. But, who knows. The ones we regularly have to deal with, the ones that matter, are secured and unsecured creditors. The vast majority of the ones that we deal with are the unsecured creditors. The unsecured creditors are the ones who don\u2019t have any particular rights in terms of being able to effect repayment of their debt. They have to go through the courts, get judgments and things like that. A secured creditor is a person who has a contract, you have given that person a contract, that specifically designates that they have a right to come and take a particular thing away from you if you don\u2019t pay them. So, a typical one is a mortgage. If you give a mortgage to the bank because they leaned your money to buy a house, then if you don\u2019t make the payments on that loan, that mortgage allows them to come and repossess the house. Same thing with a car loan and things like that. So a secured creditor is essentially a person who doesn’t have a lot to do with a bankruptcy or proposal. They are kind of outside the bankruptcy and proposal.If you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"What Are The Different Types Of Creditors","item":"https:\/\/rkillen.ca\/what-are-the-different-types-of-creditors\/#breadcrumbitem"}]}]