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

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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
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.
What can I do to stop past due billing statements?
I am receiving past due notices and collection agency threats for bills that are already paid. I have spoken with a company representative and I have faxed my bank statement showing the amounts were withdrawn and paid to the company. I am concerned if this continues I will have negative entries on my credit report. What should I do? Thanks
Deficiency Balances After Repossession
I had a car repossessed in late 2008. In Dec of 2011 I signed a stipulation to pay the deficiency. I have been making payments since then. Lately the bank I make payments to is saying they are not receiving the payments although nothing has changed in the way I've been making payments for the past 3 years. They are saying that if I do not make my payments (although I am and have proof) they will default the account. Mind you when the car was repossessed I was never given the chance to pick up my property from the car or a chance to be at the auction. I was left with a deficiency of over $11k + court and legal fees which bumped it up to around $17k. I was in the military when all court documents were served and living in a different state. I have payed over $6k + the $13k of what the car sold and payments made while financing this car. Are they breaching the contract by not excepting the payments? Is this an example of unjust enrichment by the bank? Any help would be appreciated.
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