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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 Louisiana (LA), creditor and debtor law is governed by both state statutes and federal law. State laws include provisions from the Louisiana Civil Code, which outlines the rights and obligations of creditors and debtors. For example, it addresses contracts, obligations, and the rights of parties involved in credit transactions. Louisiana also has laws pertaining to the collection of debts, such as the Louisiana Fair Debt Collection Practices Act, which regulates the behavior of debt collectors and provides protections for consumers against abusive collection practices. On the federal level, laws such as the Fair Debt Collection Practices Act (FDCPA), the Truth in Lending Act (TILA), and the Bankruptcy Code play significant roles in regulating the interactions between creditors and debtors. These federal laws provide guidelines on how creditors should extend credit, disclose loan terms, and handle debt collection, as well as offering relief options for debtors facing insolvency through bankruptcy proceedings.

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Creditor and Debtor

Individual & Family Legal Plan

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Louisiana State Code

Louisiana State Code

Creditor and Debtor

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