11:44
that sucks :(
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Simple English definitions for legal terms
absconding debtor
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A quick definition of absconding debtor:
An absconding debtor is someone who owes money to another person or entity but has fled or disappeared to avoid paying their debt. This person may be trying to avoid being served legal papers or may be intentionally trying to defraud their creditors. In the past, absconding from a debt was considered an act of bankruptcy. Other types of debtors include those who are jointly liable for a debt, those who have property that has been arrested by multiple creditors, and those who have enough assets to cover their debts and can be sued by a creditor.
A more thorough explanation:
An absconding debtor is someone who owes money to another person or entity but has fled to avoid paying their debt. This type of debtor is also known as a fugitive debtor. Absconding debtors are often difficult to locate and serve with legal papers because they have intentionally disappeared.
For example, if someone borrows money from a bank and then leaves the country without repaying the loan, they would be considered an absconding debtor. Another example would be if a person runs up a large credit card debt and then moves to a different state without notifying the credit card company.
Absconding debtors can cause significant financial losses for creditors, who may have to spend time and money trying to locate them and recover the debt. In some cases, absconding debtors may be pursued by debt collection agencies or even law enforcement.