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LSDefine

Simple English definitions for legal terms

debtor

Read a random definition: petitory action

A quick definition of debtor:

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 more thorough explanation:

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.

  • When you take out a loan from a bank, you become a debtor and owe the bank the money you borrowed plus interest.
  • If you buy a car on credit, you are the debtor and owe the car dealership the money for the car.
  • In a secured transaction, the debtor is the person who puts up property as collateral for a loan or purchase. For example, if you take out a mortgage to buy a house, the house is the collateral and you are the debtor.

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.

debt-to-income ratio | debtor and creditor

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
AHHAHAHAHAHAHHAHAHAHAHAHAH
@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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