Debtor and Creditor



Debt falls into two categories; secured and unsecured. With secured debt, the borrower, or debtor, pledges to secure payment of the loan. With unsecured debt, there is no property or "collateral" pledged to secure the loan. If a loan is in default, the creditor has to right to collect from the borrower, and may use any of a number of methods to do so. Foreclosure, a method of collecting amounts owed on real property, follows strict statutory procedures. The repossession of secured personal property usually follows the state Uniform Commercial Code (UCC). To collect an unsecured debt, the creditor may have to hire a collections agency or file a lawsuit. Please read on to find a debt lawyer, attorney, or learn more about debtor and creditor information. Debt information and lawyer listings provided by lawyers.com.

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Legal articles focusing on Debtor and Creditor Law
Request Your Free Credit Report Every Year
Your credit report is a record of all open accounts you have as well as your payment history with each of them. If you file for bankruptcy, it will appear on your credit report. Three national companies keep these records, and the law limits what they can do with the information they about you.
What It Means to Be Judgment Proof
Creditors can't obtain money or property from a debtor who is judgment proof. This means someone is insolvent, doesn't have enough assets to pay a debt or is protected by exemption laws. The debtor should consider future finances and debts when deciding whether to file for bankruptcy protection.
Servicemembers Civil Relief Act
The Servicemembers Civil Relief Act gives rights and protections to members of the military. The act helps service members focus on defending and protecting the country, and gives additional rights to military service members who take pay cuts while on active duty.
Fair Debt Collection Practices Act
The Fair Debt Collection Practices Act promotes ethical business practices by debt collectors by prohibiting their use of unfair, deceptive and abusive practices. The law applies to all persons who collect debts for other creditors and imposes criminal and civil penalties for violations.
Creditors' Legal Rights
Knowing your rights is the first step in sucessful debt collection.

Ask a Lawyer - Debtor and Creditor Law questions answered by leading lawyers
engagement ring purchased on her credit card. broke up. i was making payments. can she take me to co
She wanted a specific ring. she had an account with Jareds. picked the ring out. i was paying the card. we broke up. she refuses to give up the ring but wants me to continue to make payments. is this something she could take me to court for and I still get stuck with the payments?
Debtor: how many days does one have as a grace period after due date legally before penalties can be
under florida law how many days does one have to pay after the due date before penalties can be acessed on a personal loan, i.e. secured with a car title.
Can a credit card co. sue to get funds owed from client on Social Sec disability as only income?
I do not own any assets either.
We asked bank of america to remove my son from my credit card in writing in 2008, We thought they ha
another statement, nothing. Now we know he went into late payments 13 months later and didn't tell us. It is affecting my credit. I have called and disputed this with the bank, and the credit bureaus, but they still say that my husband is responsible, and therefore the credit history stays on his report. The account was paid in full at the time of the request. It has since been paid in full, and closed in 2012, but they still refuse to delete the credit history from my husband's report. What can we do? we added a statement to all the credit bureaus, but that doesn't affect the score. Any advice?
Is a Sole Proprietorship vulnerable to a personal lawsuit?
I am being sued for a car accident in which the plaintiff is seeking damages in excess of my coverage. Is my Sole Proprietorship vulnerable? The business was established after the accident but prior to the lawsuit. I do not wish to create more assets/income only to have them seized should the lawsuit not end in my favor.
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