Debtor 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 Creditor Law
Credit Reports - Free Reports
The Fair Credit Reporting Act requires each of the nationwide consumer reporting companies to provide you with a free copy of your credit report, at your request, once every 12 months. The companies provide free annual credit reports through a central website, toll-free number or mailing address.
What it means to be Judgment Proof
Creditors cannot obtain money or property from a debtor that is judgment proof. Such a debtor is insolvent, has insufficient property to satisfy a judgment or is protected by exemption laws. The debtor should consider possible further debt 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 Creditor Law questions answered by leading lawyers
Can a Lien Be Placed Upon My Property Without My Knowledge?
During a recent real estate transaction, it was brought to my attention that a lien was put on my property by a former creditor. If I was never served a summons how then could a judgement have been rendered and a lien be put on my property? How do I proceed with trying to recover the monies held in escrow during my real estate transaction?
Is The Following Business Opportunity With Regard to "Judgement Recovery" Viable?
I have recently received information about a business opportunity regarding "judgment recovery."

The business is descibed as follows:

* Find a person or business that has a usatisfied small-claims judgment.

* Have the plantiff sign a "Ackowledgment of Assignment of Judgment" transfering the ownership of the judgment to the recovery specialist and file the document with the JP court.

*Find the defendants assets.

*Seize assets by "Writ of Execution" or garnishments.

*Receive recovery check from county.

*File "Acknowedgment of Satisfaction of Judgment" with JP court.

*Disperse the agreed upon percentage with plantiff.

My question is once the judgment is assigned to the recovery specialist, may he or she now proceed to satisfy the judgment as if he or she was the original plaintiff? In addition, would the recovery specialist be defined as a creditor under the Fair Debt Collection Practices Act?

How Do You Pierce the Corporate Veil?
Could you give me more information on piercing the corporate veil.
Personal Jurisdiction? It Is Not As Difficult As It Sounds.
I have an ex-employee that I sold a portion of my business to. We have a contract for the amount of purchase. Now he has left the state. Is it possible to get a judgement against him when he is not in the state to receive a summons?
Can I Discharge My Student Loans?
I have defaulted on $20,000 worth of student loans, and random doctor bills. I am currently being garnished for the student loans. My credit is horrible. I made mistakes when I was young. What can I do to repair what I''ve done? I was told that I couldn''t file bankruptcy for the student loans.

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