Creditor-Debtor Law

Creditor-debtor law governs the relationships and rights between those who lend money (creditors) and those who borrow or owe money (debtors). This area of law addresses issues like loan agreements, repayment obligations, and what happens when debts are not paid, including bankruptcy. Creditors can take legal action to recover debts, while debtors have rights to protect them from unfair practices. Laws aim to balance the interests of both parties, ensuring fair treatment and providing mechanisms for debt resolution or relief. Understanding these laws helps individuals manage their financial responsibilities and rights effectively.