Answer the following in details

/in /by

1. Define the following terms:

  • Debtor
  • Creditor
  • Lien

2. Explain what laws are intended to protect Creditors. Give specific examples.

3. Explain what laws are intended to protect debtors. Give specific examples.

4. Explain the concept of Bankruptcy. What effect does a debtor going into Bankruptcy have on a:

A. Secured Creditor

B. Unsecured Creditor.