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.
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