Simple English definitions for legal terms
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A joint debtor is someone who owes money along with one or more other people. They are all responsible for paying back the same debt. For example, if two friends take out a loan together, they are both joint debtors and must both make payments to the lender.
A joint debtor is a person who is responsible for paying the same debt as one or more other people. For example, if two people take out a loan together, they are joint debtors.
Other types of debtors include:
Understanding the different types of debtors can be important in legal and financial situations. For example, if a creditor is trying to collect a debt, they may need to know if there are any joint debtors who can also be held responsible for the debt.