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 Nebraska, 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 Nebraska regulate various aspects of the creditor-debtor relationship, including the creation of security interests, the enforcement of debts, and the rights of debtors to exempt certain property from creditors' claims in bankruptcy or collection actions. Additionally, federal laws such as the Fair Debt Collection Practices Act (FDCPA) provide protections to debtors from abusive debt collection practices and the Truth in Lending Act (TILA) requires disclosures about the terms of credit. Nebraska may also have specific statutes regarding interest rates, debt collection practices, and consumer protection that complement federal regulations.