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 I put a lein on a house belonging to the person who borrowed money and defaulted?
In Aptos, CA. I loaned $12,500 to a person going through a divorce, with a signed agreement to pay me back out of the proceeds of the sale of a rental house that she and her husband owned, The house rental house sold. I did not get paid. She says her only asset is the house in which she lives. She owns the house after the divorce. Can I file a lien on the house so that my heirs will eventually obtain payment of this loan?
Can a debt collections lawyer forceably take money from me or my husband, we are in a debt managemen
I am head of household and my husbands name is not on this credit card. A debt lawyer wants copies of his ss#, paycheck stub, drivers license #, bank statements, the titles to our cars, mortage info. They also want my info. Why do they want his? Can they garnish his wages? I am self employed. We are already with a debt management company. I was served papers a few months ago saying this particular attorney has taken over. I am willing to send my info but do I have to send his? We are sending the debt company monthly payments to pay down our debts. The debt the attorneys office now has is our largest debt and will probably be the hardest to negotiate down but we just cannot afford any more than what we are paying now. Can they forceably ever take money from us (pay checks or bank acvounts)?
Can a creditor take my property if I have a lien on through another bank?
We got a loan through our bank and used our property as collateral. We just found out that we might get sued on another property that we had let go back to a different bank. Can they take our property with a lien on it that's through a different bank?
Are verbal agreements legally binding in Oklahoma? If so, how do I file a lawsuit?
September of 2012, my wife and I purchased a truck for our daughters boyfriend under the agreement he would make the monthly truck payments. The last 2 months he has been late making his payment and this month doesn't seem likely to make it at all. We cannot afford this payment and I would like to avoid a repo on our credit. Is there a way to legally force him to make the payment through wage garnishment or some other way that he has no choice but to pay or go to jail? Do I have to let it be repossessed before I can take him to court? What legal means can I use to avoid getting screwed?
I keep getting emails from a company saying that they will issue an arrest warrant for nay making pa
They said on their e-mail that they will send a copy to my only source of income which is my job about the arrest warrant. Please help what can I do. Thank you
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