Mortgage foreclosure proceedings vary widely among the states. A lien is a special right in a debtor's property that the law gives to a creditor in order to assure payment of a debt. Liens may arise in a variety of ways. A debtor's rights include the right to have a creditor adhere to the procedures provided by law for the collection of debts. The procedural limitations placed on the debt collection efforts of creditors are usually designed to protect the rights of the debtor and avoid abuses by creditors.
Bankruptcy is a remedy that is governed almost exclusively by federal law.
While in many cases either the debtor or the creditors of a debtor may file a petition for bankruptcy, creditor petitions are extremely rare. American marketplace thrives on credit. Credit cards, charge cards, student loans, car loans, mortgages. Lenders line up to help consumers afford the good life. The Martindale-Hubbell Law Directory is the most complete, trusted source for identifying qualified legal counsel.