Content Related To 'debtor creditor law'
Lea en español A creditor must be considered a secured party to your goods before it can repossess them. Generally, a party is secured if it takes a security interest in your personal property to ensure payment from you (otherwise known as collateral). For example, an electronics store that finances the sale of a TV […]
Lea in español Protect Your Rights When You Seek to Obtain Consumer Credit The law of consumer credit is primarily embodied in federal and state statutory laws. These laws protect consumers and provide guidelines for the credit industry: Versions of the Uniform Consumer Credit Code—States have passed various statutes regulating consumer credit. The UCCC (Uniform […]
Lea en español The Different Types of Debtor-Creditor Relationships If you have outstanding debts and cannot pay them, you may seek to sell some of your property to settle your obligations. You can do this through a formal bankruptcy filing (although you must qualify to discharge debts under Chapter 7), or you can sell property […]
This is in a situation in which a secured creditor repossesses collateral upon a debtor’s default and proposes to retain the collateral in satisfaction of the debtor’s obligation. Notice of the proposal must be sent to the debtor unless he or she has signed a written statement renouncing this right. In the case of consumer […]