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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 Wisconsin, creditor and debtor law is governed by a combination of state statutes and federal laws that outline the rights and obligations of creditors and debtors. State laws include the Wisconsin Consumer Act, which regulates consumer credit transactions and debt collection practices, providing protections to consumers from unfair or deceptive practices by creditors. Additionally, Wisconsin Statute Chapter 128 provides an alternative to bankruptcy for debtors, allowing for the voluntary assignment of assets to a trustee for the benefit of creditors. On the federal level, the Fair Debt Collection Practices Act (FDCPA) sets standards for the collection of consumer debts, prohibiting abusive, unfair, or deceptive practices by debt collectors. The Truth in Lending Act (TILA) requires clear disclosure of credit terms to consumers, and the Bankruptcy Code provides a legal framework for the resolution of insolvency issues for both individuals and businesses. Together, these laws establish a legal framework that balances the rights of creditors to collect debts with the rights of debtors to be treated fairly and to receive relief from overwhelming debt burdens.

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Creditor and Debtor

As a LegalFix Member You Will Be an Important Client of Local Law Firms

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Wisconsin State Code

Wisconsin State Code

Creditor and Debtor

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