jackfrost11770
10:54
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
concealed debtor
Read a random definition: BIOCOB
A quick definition of concealed debtor:
A concealed debtor is someone who owes money to another person or entity but tries to hide from their creditors. They may do this to avoid paying their debts or to avoid being served with legal papers. However, they do not leave their community or move out of state. This is different from an absconding debtor who flees from their creditors to avoid paying their debts. A joint debtor is one of two or more people who are responsible for paying the same debt. A judgment debtor is someone who has been ordered by a court to pay a debt. A solvent debtor is someone who owns enough property to pay off all their debts.
A more thorough explanation:
A concealed debtor is someone who owes money to another person or entity, but hides from their creditors with the intention of defrauding them or avoiding legal action. This type of debtor does not leave the community or move out of state, but instead tries to remain hidden within the area.
Examples of concealed debtors include:
- Someone who changes their name or identity to avoid being found by creditors
- A person who hides their assets or income to avoid paying their debts
- An individual who moves frequently to avoid being served with legal papers
These examples illustrate how a concealed debtor tries to evade their financial obligations by remaining hidden from their creditors. This behavior is illegal and can result in legal consequences for the debtor.