creditors' remedies

Creditors' remedies are legal tools available to lenders to recover money owed when borrowers default. These include actions like obtaining court judgments for the debt, seizing or selling the borrower’s assets (such as property or bank accounts), and placing liens or charges on assets to secure repayment. If necessary, creditors may also ask courts for orders like bankruptcy or liquidation to access the debtor’s assets and settle the debt. These remedies aim to protect the creditor’s investment by providing lawful ways to recover funds when borrowers fail to pay voluntarily.