Debtor (Noun)
Meaning
A person who owes a creditor; someone who has the obligation of paying a debt.
Classification
Nouns denoting people.
Examples
- The court ruled that the company was responsible for paying its creditors, but as a debtor, it was given extra time to settle its outstanding accounts.
- She was forced to declare bankruptcy due to the heavy debt burden and now faces financial struggles as a debtor.
- After falling behind on payments, the individual was listed as a debtor and began receiving frequent collection calls.
- In the event of insolvency, the trustee must work to distribute assets to creditors, prioritizing those who have filed a claim as a debtor.
- Following the court judgment, the former business owner was identified as a debtor and required to set up a repayment plan with the court-appointed receiver.