Debtor protections

Debtor protections refer to laws and regulations designed to safeguard individuals or businesses that owe money. These protections ensure that debtors are treated fairly by creditors and can include limits on debt collection practices, the right to a reasonable repayment plan, and exemptions from certain assets that creditors cannot seize. In bankruptcy situations, debtor protections help individuals discharge certain debts and provide a fresh start financially. Overall, these protections aim to balance the interests of both creditors seeking repayment and debtors striving to recover their financial stability.