Creditor Mean in Legal Terms

In legal terms, a creditor is an individual or entity that has the legal right to receive payment or seek repayment of a debt owed by a debtor. Creditors can include banks, financial institutions, suppliers, or individuals who have extended credit or loaned money to another party. They have the legal authority to enforce repayment through various means, such as pursuing legal action, obtaining liens on property, or garnishing wages, depending on the terms of the debt and applicable laws.