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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 Missouri, creditor and debtor law is governed by both state statutes and federal laws. State laws outline the procedures for debt collection, the rights of creditors to collect debts, and the protections available to debtors. For example, Missouri's statutes set forth the exemptions that debtors can claim to protect certain property from seizure by creditors. These include exemptions for a portion of the equity in a debtor's home, vehicle, household goods, and certain wages. On the federal level, laws such as the Fair Debt Collection Practices Act (FDCPA) regulate the behavior of third-party debt collectors, prohibiting practices deemed to be abusive, deceptive, or unfair. The Truth in Lending Act (TILA) requires creditors to provide clear and conspicuous disclosures about the terms and cost of credit, and the Bankruptcy Code provides a legal framework for the resolution of insolvency issues, allowing individuals and businesses to discharge or reorganize their debts under federal court supervision. It's important for both creditors and debtors in Missouri to understand these laws to ensure compliance and protect their respective rights.

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Creditor and Debtor

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Missouri State Code

Missouri State Code

Creditor and Debtor

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