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Creditor and Debtor

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 Kentucky, creditor and debtor law is governed by both state statutes and federal laws. These laws outline the rights and obligations of creditors, such as banks and credit card companies, and debtors, which include both individuals and businesses. State laws in Kentucky cover various aspects such as the creation of security interests, the enforcement of debts, and the rights of debtors to exempt certain property from creditors in the event of bankruptcy. Kentucky Revised Statutes (KRS) provide specific provisions regarding the collection of debts, the legal interest rates, and the procedures for repossession. On the federal level, laws such as the Fair Debt Collection Practices Act (FDCPA) protect consumers from abusive debt collection practices, while the Bankruptcy Code governs the process of bankruptcy. It is important for both creditors and debtors to understand their legal rights and obligations under these laws to ensure compliance and protect their interests.

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Creditor and Debtor

Individual & Family Legal Plan

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Kentucky State Code

Kentucky State Code

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Creditor and Debtor