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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-  Debt Settlement Agreement-  Returned Check Notice
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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
Do I have case agaist Bank of America due to long delays on a loan modification and getting cherged
We bought our house for $111,000 more than 7 years ago and ended up getting a loan modification 4 years later. We started the process of the loan mod. and it took over a year to get it done due to them loosing our paperwork and almost getting foreclosed on because of there poor work practices. My wife and I were very worried about loosing our house and tried to contact B.O.A many times but could not get a hold of anyone that would help us. In the end after a year the loan did completed after not getting to make any payments for that year plus. We sold our house this past January and found that we owed over $123,000 upon closing. This was a shock to us seeing that we bought the house for $111,000 and lived there for over 7 years. I feel that we were scammed and taken advantage of because of there own faults and practices.
WHAT IS CONSIDERED BREACH OF CONTRACT?
I HAVE ALL CHECKS PHOTOCOPIED THAT THEY HAVE PAID ME BACK. I HAVE QUITE A FEW EMAILS INFORMING THEM OF MY NEED TO HAVE THEM PAY ME BACK, I OFFERED TO MAKE SOME KIND OF PAYMENT PLAN, AS LOW AS $25 A MONTH, TO WHICH THEY REFUSED. HOWEVER, I WAS ADVISED THEY WOULD PAY $100.00 A MONTH, MY LAST PAYMENT WAS 11/2014 FOR $100.00. I NEED TO TAKE ACTION REGARDING MY FINANCIAL RESPONSIBILITIES. I ADVISED THE INDIVIDUALS WHO OWE ME THESE FUNDS, AND THEY REPLIED THAT THEY WOULD GLADLY WORK WITH AN ATTORNEY. I AM A SINGLE PARENT ON DISABILITY. I AM DESPERATE. I NEED TO KNOW WHAT TO DO TO SATISFY AN ATTORNEY INTO TAKING THIS CASE, AND I AM UNSURE OF THE TYPE OF CASE THIS COULD BE. IS IT BREACH OF CONTRACT? IS IT PERSONAL COLLECTIONS? I HAVE SUBMITTED 2 OTHER EMAILS, LOOKING FOR ADVISE. I APOLOGIZE FOR THESE EMAILS, BUT I FOUND I HAD MORE QUESTIONS, AFTER HITTING THE SEND BUTTTON. RESPECTFULLY, GLORIA KNUTSEN MY PHONES DON'T WORK, PLEASE CONTACT ME VIA EMAIL
I have been filed a lawsuit from united guaranty residential insurance and i need to answer in 20 da
I did a credit line in 2004 with bankofamerica then boa sold or transfer the debt to united guaranty insurance company. I almost lost the house and did a loan modification a year ago, I am a realtor, divorce with 2 kids. I do not have money to do a settlement so what to do?
what is happen next what u get a motion for contempt in civil court
hello I was subpoenaed to go to court and I didn't show up now I received a paper in the mail saying motion for contempt and I am wondering now what am I to do or what is going to happen NEX the paper does not say to contact anyone paper does not say if I'm going to jail so I don't know if I have a warrant out for me I don't know what I'm to do I am thinking that I should probably either I read online that it said that I should file for an appeal through the court or I'm thinking maybe I should contact the lawyer office and work out a a scheduled payment plan or contact the people who are suing me and schedule a payment plan I'm just looking to see what what am I to do or what's going to happen next I don't know so please let me know thank you
I need directions to straighten a problem
took internet loan for 600.00 was paying,had surgery, could not return to parttime job,now only income I have is ssa. I can not make those every 2 weeks payments, I called to worked out a monthly payment solution,none was reached so I wrote and called per their contract to stop ACH withdrawals,they took my money even when these procedures were followed.They did redeposited my monies and I did not ask for reimbursement of overdraft fees,problem is they have done it again what is my rights.The loan was 600.00 interest is 795.470%pay back amt is 2490.Please help me.I am willing to pay and I have paid 3 payments totaling almost 500.00.I am able to pay for legal help on a payment plan.
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