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
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.
I am being sued a summons was left at my door what should I do next and what options do I have. Than
paying a time barred debt, repossession deficiency.
In 2009 my vehicle was repossessed. My Last Payment was June 2009. Through research FL SOL is 4 or 5 yrs, either which way mines is passed the SOL. I've never been sued or have a judgement from them. I want to pay the deficiency but I in no way can afford to pay the $14000 deficiency they are stating is owed on my credit reports. Should I consider filing for chapter 7 bankruptcy. In the future I want to purchase a home and Im aware that mortgage co. often do manual credit reviews dating several years past what's on current credit report. I want to tread lightly and don't want to seek the bank out for a settlement without resetting the SOL. Realistically, I would only be able to pay in a lump sum $1000, maybe $1500, which I don't think they would accept. Suggestions please.
statue of limitations for judgement
a judgement was entered on 11/12/03 in NC. The plaintiff has filed a complaint demanding payment and judgement indicating the judgement status of limitations has not expired on 11/12/2013 (ten years and one day later). Did the plaintiff file timely?
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