debtor


Also found in: Dictionary, Thesaurus, Medical, Financial, Encyclopedia, Wikipedia.
Related to debtor: Judgment debtor

Debtor

One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. In Bankruptcy law, a person who files a voluntary petition or person against whom an involuntary petition is filed. A person or municipality concerning which a bankruptcy case has been commenced.

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: bankruptcy)

debtor

noun borrower, borrowing party, debtor, defaulter, mortgagor, obligor, pledgor, responsiile party
Associated concepts: accord and satisfaction, account stated, assignment, bankruptcy, collection, compromise and settlement, debtor and credit, debtor and creditor reeationship, execution, financial transactions, garnishment, reorganization
See also: obligor

debtor

someone who owes a debt to a CREDITOR.

DEBTOR, contracts. One who owes a debt; he who may be constrained to pay what he owes.
     2. A debtor is bound to pay his debt personally, and all the estate he possesses or may acquire, is also liable for his debt.
     3. Debtors are joint or several; joint, when they all equally owe the debt in solido; in this case if a suit should be necessary to recover the debt, all the debtors must be sued together or, when some are dead, the survivors must be sued, but each is bound for the whole debt, having a right to contribution from the others; they are several, when each promises severally to pay the whole debt; and obligations are generally binding on both or all debtors jointly and severally. When they are severally bound each may be sued separately, and on the payment of debt by one, the others will be bound to contribution, where all had participated in the money or property, which was the cause of the debt.
     4. Debtors are also principal and surety; the principal debtor is bound as between him and his surety to pay the whole debt. and if the surety pay it, he will be entitled to recover against the principal. Vide Bouv. Inst. Index, h.t.; Vin. Ab. Creditor and Debtor; Id. Debt; 8 Com. Dig. 288; Dig. 50, 16, 108 Id. 50, 16, 178, 3; Toull. liv. 2, n. 250.

References in periodicals archive ?
When a debtor files its Chapter 11 case, it usually seeks court approval to either enter into a post-petition financing arrangement with its prepetition secured lender or alternative lender or, at a minimum, utilize the cash and other property encumbered by the secured lender's prepetition security interests.
The Bankruptcy Code provides protection for certain assets once an individual debtor becomes involved in the bankruptcy process.
that the debtor lacks adequate financing to pay for the goods or services in the future and/or is administratively insolvent.
It is true that a debtor cannot convey its equity interest free and clear of the senior security interests.
Although a declaration of bankruptcy remains in the debtor's credit history for 10 years and that person cannot petition for another discharge of their debts for 8 years, the debtor gets a fresh start; with the exception of fines owed to the government, taxes, alimony, child support, and a very limited range of other obligations, all debts are discharged.
He added: "Imprisoning debtors for a long time and bringing them before judges periodically does not benefit them or their creditors.
Probably the most popular option is to instruct a High Court Enforcement Officer (HCEO) to visit your debtor and make demand for payment.
The terms of the workers' comp coverage provided by National Union to VP Debtors were reflected in various insurance policies issued by National Union.
You may scoff about the reference to jail but let me tell you if a debtor does not reach an agreement to repay the creditor, then the court will issue an order to arrest the debtor and detain him or her in jail
A reaffirmation agreement is a postpetition agreement between an individual chapter 7 debtor and a creditor in which the debtor agrees to pay the prepetition debt and retain the property under the terms of the original security agreement between the debtor and creditor.
For starters, once adjudged bankrupt, the debtor will not be able to obtain credit of more than pounds 250.