Select your state

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 New Jersey, creditor and debtor law is governed by both state statutes and federal laws. Creditors are individuals or entities that lend money or extend credit, while debtors are those who owe money or have taken out loans. New Jersey's statutes outline the legal framework for the creation of debt, the rights and responsibilities of both creditors and debtors, and the remedies available when debts are not paid. This includes laws on the collection of debts, such as the Fair Debt Collection Practices Act (FDCPA) at the federal level, which sets standards for the treatment of debtors by collection agencies, and the New Jersey Fair Credit Reporting Act, which governs credit reporting and debt collection practices within the state. Additionally, New Jersey has laws regarding the enforcement of judgments, such as wage garnishment limits and exemptions for certain types of property from seizure. Bankruptcy proceedings, which can discharge or reorganize debts, are governed by federal law under the U.S. Bankruptcy Code, but New Jersey law may influence certain aspects of the process, such as exemptions and the handling of secured transactions.

Legal Articles

State Statutes

Individual & Family Legal Plan

As a LegalFix member, you'll get expert legal services from a local law firm that treats you like an important client. Don't wait—be prepared for life's inevitable legal challenges starting today. And ask your employer, credit union, or membership group about preferred pricing opportunities.

Creditor and Debtor

Individual & Family Legal Plan

Articles

New-Jersey State Code

New-Jersey State Code

Articles

Creditor and Debtor