Creditors' Rights Laws

Creditors' Rights Laws are legal rules that protect the ability of creditors—people or organizations owed money—to collect what they're owed when a borrower defaults or fails to pay. These laws establish procedures that creditors can follow, such as pursuing legal action or seizing collateral, to recover debts fairly and efficiently. They also ensure debtors are treated justly, preventing unfair practices. Overall, these laws balance the interests of creditors and debtors, helping to maintain trust and stability in financial transactions while providing clear guidelines for resolving unpaid debts.