Debtor

/ˈdɛb.tər/

Meaning & Definition

noun

A person or entity that owes money to another party.

The debtor was unable to repay the loan on time.

In a legal context, someone who is declared bankrupt or is in a position of insolvency.

The court ruled that the debtor must liquidate assets to pay off creditors.

A person or entity that is indebted to another, especially one that has received goods or services on credit.

As a debtor, she was required to submit a financial statement to the lender.

Someone who has received a loan and has a contractual obligation to repay it.

The debtor has a grace period before the interest starts to accumulate.

Middle English, from Latin 'debitor', meaning 'one who owes'.

judgment debtor

A debtor against whom a court has issued a judgment for the payment of a debt.

debt relief

The partial or total forgiveness of debt, or the slowing or stopping of debt growth.

secured debtor

A debtor who has pledged collateral for a loan.

creditor

A person or entity to whom money is owed.

debt

Money that is owed or due.

bankruptcy

The legal status of a person or entity that cannot repay the debts it owes.

Broke

After spending all his savings, he felt totally broke and like a debtor.

On the hook

If you borrowed money, you're on the hook until you pay it back.