Simple English definitions for legal terms
Read a random definition: charitable trust
A debtor is someone who owes money or has an obligation to someone else. For example, if a person borrows money from a bank, they become a debtor and have to pay back the loan plus interest. In some cases, a debtor may also put up property as collateral for a loan or purchase, which means the creditor has the right to take the property if the debtor doesn't pay off their obligations. In bankruptcy law, the debtor is the person who files for bankruptcy or against whom an involuntary bankruptcy petition is filed.
A debtor is a person or entity that owes a debt or obligation to someone else. This usually means they owe money to a creditor.
These examples illustrate how a debtor is someone who owes an obligation to someone else, usually in the form of money. In each case, the debtor has received something of value (a loan, a car, a house) and has agreed to pay for it over time.