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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.
An unsecured creditor does not have a charge over the debtor's assets. [2] The term creditor is frequently used in the financial world, especially in reference to short-term loans, long-term bonds, and mortgage loans. In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor.
When the debt is cancelled, the creditor forgives the debt, thereby releasing that debtor from the whole obligation. In the context of a solidary obligation, if the obligee cancels the debt of some—but not all—of the obligors, the obligation is reduced by an amount proportionate to those whose debts have been cancelled; the obligee ...
So much so that we can now say that, when a creditor and a debtor enter upon a course of negotiation, which leads the debtor to suppose that, on payment of the lesser sum, the creditor will not enforce payment of the balance, and on the faith thereof the debtor pays the lesser sum and the creditor accepts it as satisfaction: then the creditor ...
A judgment creditor is a party to which a debt is owed that has proved the debt in a legal proceeding and that is entitled to use judicial process to collect the debt. [1] A creditor becomes a "judgment creditor" when a judgment is rendered stating that they are entitled to recover a particular debt from a judgment debtor. Following a judgment ...
A preference in U.S. federal bankruptcy law [7] is a transfer of property by a debtor to its creditor, on account of a pre-existing debt, that is made while the debtor is insolvent [8] and gives the creditor more than it would obtain in a liquidation of the debtor's assets in a bankruptcy proceeding.
"The ideal candidate for debt consolidation is someone with a credit score of at least 670 and a debt-to-income ratio of 35%, meaning the debt payments are no more than 35% of their income," says ...
Consensual liens are imposed by a contract between the creditor and the debtor: Mortgage; Chattel mortgage; Nonconsensual liens typically arise by statute or by the operation of the common law. Those laws give a creditor the right to impose a lien on an item of real property or a chattel by the existence of the relationship of creditor and ...