What (who) is debtor - definition

NATURAL OR LEGAL PERSON WHO ENTERS INTO A DEBT RELATIONSHIP; ENTITY THAT OWES A DEBT TO ANOTHER ENTITY

Debtors; Borrower; Debtor And Creditor; Debitor

debtor

(debtors)

A debtor is a country, organization, or person who owes money.

...the situation of debtor countries.

N-COUNT: oft N n

Debtor

·noun One who owes a debt; one who is indebted;

- correlative to creditor.

debtor

n. 1) a person or entity that owes an amount of money or favor to another. 2) in bankruptcy, the party whose affairs are the subject of the proceedings is called the "debtor." See also: bankruptcy

Wikipedia

Debtor

A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.

If X borrowed money from their bank, X is the debtor and the bank is the creditor. If X puts money in the bank, X is the creditor and the bank is the debtor.

It is not a crime to fail to pay a debt. Except in certain bankruptcy situations, debtors can choose to pay debts in any priority they choose. But if one fails to pay a debt, they have broken a contract or agreement between them and a creditor. Generally, most oral and written agreements for the repayment of consumer debt - debts for personal, family or household purposes secured primarily by a person's residence - are enforceable.

For the most part, debts that are business-related must be made in writing to be enforceable by law. If the written agreement requires the debtor to pay a specific amount of money, then the creditor does not have to accept any lesser amount, and should be paid in full.

Also, if there was no actual agreement but the creditor has proven to have loaned an amount of money, undertaken services or given the debtor a product, the debtor must then pay the creditor.

https://en.wikipedia.org/wiki/Debtor

Pronunciation examples for debtor

1. in a debtor position with me.

The Art of Negotiation _ Stuart Diamond _ Talks at Google

2. In other words, the debtor, when he owes enough money,

Flashpoints - The Emerging Crisis in Europe _ George Friedman _ Talks at Google

3. issues associated with that, our status as the world's largest debtor nation, our financial

A World Without Ice _ Henry Pollack _ Talks at Google

4. provide the debtor in possession financing, they call the shots. I mean, they're controlling

Crash Course _ Paul Ingrassia _ Talks at Google

Examples of use of debtor

1. "The biblical tradition of canceling debt is designed to aid the debtor and keep the debtor out of perpetual poverty....

2. "The judge would never send a debtor to jail before exhausting every means of recourse.

3. We call on every debtor to make use of this opportunity.

4. "But the court could have started bankruptcy hearings without the debtor being informed.

5. An IVA is an agreement between a debtor and their creditors where the lenders write off around half of the debt, while the debtor agrees to pay a regular sum to cover the remainder.