Debtor-Creditor Law

Debtor-Creditor Law governs the financial relationship between individuals or entities that owe money (debtors) and those who are owed money (creditors). This area of law covers agreements, rights, and obligations concerning loans, credit, and repayment. It includes concepts like bankruptcy, where a debtor seeks relief from debts, and collection practices, which dictate how creditors can pursue repayment. These laws ensure fair treatment, protect consumer rights, and establish procedures for resolving disputes over debts. Ultimately, they aim to balance the interests of both parties in financial transactions.