Creditor and debtor law includes the rights and obligations of (1) creditors who extend credit and make loans to consumers and businesses and (2) consumers and businesses who seek credit and loans for their personal and business finances. Creditor/debtor law consists primarily of state and federal statutes.
In Georgia, creditor and debtor law is governed by a combination of state statutes and federal laws that outline the rights and obligations of both parties involved in credit and loan transactions. Creditors in Georgia have the right to collect debts owed to them by consumers and businesses, and they can use various legal means to do so, such as filing a lawsuit, garnishing wages, or placing liens on property. Debtors have certain protections under state law, including exemption laws that protect a portion of their property from seizure by creditors. Additionally, federal laws such as the Fair Debt Collection Practices Act (FDCPA) provide protections against abusive debt collection practices. Georgia's Fair Business Practices Act also offers protection against unfair and deceptive practices in consumer transactions. It's important for both creditors and debtors to understand their legal rights and obligations to navigate these financial relationships effectively.