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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 New York, creditor and debtor law is governed by a combination of state statutes and federal laws that outline the rights and obligations of both parties. Creditors, such as banks and lending institutions, are regulated in their practices of extending credit and making loans to ensure fair treatment of consumers and businesses. This includes adherence to the New York State Banking Law, which sets standards for lending practices, and the Fair Debt Collection Practices Act (FDCPA), a federal law that prohibits abusive debt collection practices. Debtors, on the other hand, are protected under laws such as the New York Debtor and Creditor Law, which provides provisions for debt relief and outlines the process for declaring bankruptcy. Additionally, the federal Bankruptcy Code offers a legal framework for debtors to reorganize or discharge their debts under various chapters (e.g., Chapter 7, 11, 13). Both creditors and debtors must navigate these regulations to ensure compliance and protect their respective rights in financial transactions.

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Creditor and Debtor

Individual & Family Legal Plan

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New-York State Code

New-York State Code

Creditor and Debtor

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