debtor

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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 ?
This phrase--"with respect to the debtor"--has caused a split among courts as to how it limits the termination of the automatic stay for a repeat bankruptcy filer under Bankruptcy Code [section]362(c)(3)(A).
" The timing of and professed rationale for the Debtors' actions with respect to the prepetition transfers is suspect, and the evidence leads the Court to conclude that the Debtors transferred funds with the intent to hinder, delay, or defraud their creditors by transferring and concealing those funds.
The FLSP recognizes the following types of insolvency proceedings: (a) voluntary (debtor-initiated) liquidation of insolvent juridical debtors; (b) involuntary (creditor-initiated) liquidation of insolvent juridical debtors; (c) voluntary liquidation of insolvent individual debtor; and d) involuntary liquidation of insolvent individual debtors.
Our survey included 450 debtors who entered the debt relief programs in 2008, i.e., those for whom debt relief has now ended or who were close to fulfilment thereof in 2013.
The legislature responded to the Deary decision by adding CPLR sections 5222(d) and (e), requiring that debtors be notified of the restraining notice and the possibility of exempting property from judicial process.
TAE[currency]KENT (CyHAN)- Uzbekistan's President Islam Karimov signed a law 'On the mortgage registry' - a single information database on the rights of creditors for the debtor's property, provided as security for liabilities.
Furthermore, financial advisors should remain aware of relevant federal tax implications of bankruptcy petitions for individual debtors. Although individual debtors are allowed protection under Chapters 7, 11, and 13, this discussion will focus only on Chapters 7 and 13.
Mufleh Al-Qahtani, president of NSHR, said creditors should seize debtors' properties instead.
Bank assumed responsibility for the distribution of the VP Trust assets, which comprised most of the remaining assets of VP Debtors. (Disclosure: Franklin Ciaccio, who authored this article, served as counsel to U.S.
I would also encourage debtors to join the Facebook group"Banned Travel Support Group", you will find some very useful information and support.
In 1999, Willie and Robalene Giles (Debtors) built their home on 10.63 acres of property they owned.