Debtor

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • borrower
  • purchaser
  • risk taker

Definition of Debtor

  1. Technically, a person who has filed a petition for relief under the bankruptcy laws. More generally, anyone who owes.

Related Terms and Acronyms

  • Collection Bank,
    • The efforts used to bring an overdue mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.
  • Mortgagor Definition,
    • The borrower in a mortgage transaction.
  • Garnishment Bank,
    • An amount withheld from your pay and remitted to another party, such as a creditor. You must include in your taxable income any amount that was garnished from your pay, because the full amount of your pay is considered to have been received by you even though some was withheld to pay your debts.
  • Creditor Bank,
    • One who is owed money.
  • Abandonment Definition,
    • A disclaimer of ownership by the trustee or debtor in property deemed burdensome or inconsequential. Once property has been "abandoned" it is no longer the property of the estate and creditors can seek to recover their money.
  • Business Bankruptcy Bank,
    • A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • Bankruptcy (BK) Bank, Important,
    • A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • Spread Bank,
    • The difference between the interest rate charged to borrowers and the interest rate paid to depositors.
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