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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 West Virginia, creditor and debtor law is governed by both state statutes and federal laws that outline the rights and obligations of creditors and debtors. Creditors are individuals or entities that extend credit or make loans, while debtors are consumers or businesses that obtain credit or loans for personal or business purposes. State laws in West Virginia include provisions on the collection of debts, the process of repossession, and the enforcement of judgments. These laws also regulate the conduct of debt collectors and outline the legal remedies available to creditors. Additionally, federal laws such as the Fair Debt Collection Practices Act (FDCPA) provide protections against abusive debt collection practices and apply to the conduct of third-party debt collectors. Bankruptcy proceedings, which can offer debt relief for overwhelmed debtors, are governed by federal law under the U.S. Bankruptcy Code. It is important for both creditors and debtors to understand their rights and responsibilities under these laws to ensure compliance and to protect their interests.

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Creditor and Debtor

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Creditor and Debtor

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