Legal framework for debt recovery

The legal framework for debt recovery consists of laws and procedures that enable creditors to collect unpaid debts while ensuring debtors’ rights are protected. This includes issuing formal notices, filing legal suits if necessary, and obtaining court judgments. Once a judgment is obtained, the creditor can seek enforcement methods like bank attachments, property seizure, or garnishment of wages. The process is regulated to prevent harassment and ensure fairness, balancing the interests of both parties. Overall, it provides a structured legal pathway to resolve outstanding debts legally and efficiently.