MrThickRopes
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LSDefine
Simple English definitions for legal terms
debtor's property
Read a random definition: treaty-created law
A quick definition of debtor's property:
Debtor's Property: This refers to the things that belong to a person who owes money (called a debtor). When someone declares bankruptcy, their debtor's property is used to pay back the money they owe. This includes things they own and sometimes things they have in their possession. However, some things are protected and cannot be taken away to pay off debts.
A more thorough explanation:
Debtor's property refers to the belongings or assets that are owned or possessed by a person who owes money to someone else. This can include property that is exempt from being taken away during bankruptcy proceedings.
For example, if someone owes a large amount of money to a creditor and files for bankruptcy, their debtor's property may include their home, car, and personal belongings. However, if the person's home is exempt from being taken away during bankruptcy, it would still be considered part of their debtor's property.
Another example could be a person who owes money on a credit card. If they default on their payments, the creditor may try to seize their debtor's property, such as their bank account or valuable possessions, to pay off the debt.
Overall, debtor's property refers to the assets that a person who owes money possesses, which can be used to pay off their debts.