Debt Collection Law
type: Class
preferred label: Debt Recovery Law
subclass of: RDhhApr0eDVle3F076WAVct
definition: Debt Collection Law (also known as Debt Recovery Law) refers to the legal processes and actions taken to collect outstanding debts owed by individuals or businesses. It involves methods such as negotiation, litigation, and enforcement of judgments to ensure creditors receive payment. The legal practices and regulations related to the collection of debts by creditors or third-party agencies seek to ensure fair treatment of debtors and compliance with statutory procedures during the collection process.