A debitor is an individual who is indebted to another person. This debt can be in the form of money, goods, or services. In Roman law, a debitor is an individual who has a legal responsibility to repay a creditor. The plural form of debitor is debitores.
A debitor is an individual who is indebted to another person or entity, either due to borrowing money or having a legal obligation. This term originated from Roman law and is applicable in various situations. For instance, if you take a loan from a bank, you become a debitor to the bank and are legally obligated to repay the borrowed amount along with any interest or fees. Similarly, if you make a purchase on credit from a store, you become a debitor to the store and are legally obligated to settle the payment for the item. In summary, a debitor is someone who owes money or has a legal obligation to another party, which can arise from borrowing money, purchasing on credit, or failing to pay a bill promptly.
Yes, creditors have the right to file a lawsuit against a debtor who fails to repay their debts.
Failure to pay debts can result in various consequences, such as damage to credit score, wage garnishment, property liens, and potential legal action.
Yes, debtors can negotiate with creditors to potentially reduce the amount owed or establish a repayment plan that suits their financial situation.
Yes, filing for bankruptcy can provide debtors with a fresh start by eliminating or restructuring their debts, depending on the type of bankruptcy filed.
No, debtors cannot be arrested solely for failing to repay their debts. However, they may face legal consequences if they commit fraud or engage in other illegal activities related to their debts.
Yes, if a creditor obtains a court order, they can garnish a debtor’s wages to collect the owed debt.
In certain cases, creditors can obtain a court order to seize a debtor’s property, such as vehicles or real estate, to satisfy the owed debt.
Yes, there is a statute of limitations for debt collection, which varies by jurisdiction. After this period expires, creditors may lose the legal right to enforce the debt.
No, multiple creditors cannot sue a debtor for the same debt. However, different creditors can individually sue a debtor for separate debts.
Yes, creditors have the right to transfer or sell a debtor’s debt to another party, who then becomes the new creditor with the legal right to collect the debt.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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