What are the legal rights and obligations of debtors and creditors?

In South Carolina, debtors and creditors have certain legal rights and obligations that each party must abide by. A debtor is someone who owes money, while a creditor is someone who is owed the money. One of the main legal obligations of a debtor is to make sure that all debts are paid in a timely manner. This means that debtors must pay their creditors back on the agreed upon date. If a debtor does not make a payment on time, the creditor is legally allowed to take certain action to collect the debt. This could include taking the debtor to court, garnishing wages, or seizing assets. The legal rights of debtors in South Carolina include the right to a fair debt collection process. Debt collection companies are required to follow the Fair Debt Collection Practices Act (FDCPA), which states that creditors must follow certain guidelines, such as not making harassing phone calls, notifying debtors of their rights, and stopping collection activities if a debtor disputes a debt in writing. On the other hand, creditors have the legal right to collect on the debt that is owed to them. This means that creditors can take legal action to enforce repayment, such as filing a lawsuit or getting a court order. Creditors also have the right to continue to pursue the debt, even after it has been sold to another debt collector. In either scenario, both debtors and creditors have certain legal rights and obligations that must be followed to ensure that each party is treated fairly. It is important to contact a lawyer if you have any questions or concerns about any of your debt or creditor obligations in South Carolina.

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What are the legal rights and obligations of debtors and creditors?

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