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A debtor or debitor is a legal entity (legal person) that owes a debt to another entity. The entity may be an individual, a firm, a government, a company or other legal person. The counterparty is called a creditor. When the counterpart of this debt arrangement is a bank, the debtor is more often referred to as a borrower.
In the present case, on the facts as found by the judge, it seems to me that there was no true accord. The debtor's wife held the creditor to ransom. The creditor was in need of money to meet his own commitments, and she knew it. When the creditor asked for payment of the £480 due to him, she said to him in effect: "We cannot pay you the £480.
An unsecured creditor does not have a charge over the debtor's assets. [2] The term creditor is frequently used in the financial world, especially in reference to short-term loans, long-term bonds, and mortgage loans. In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor.
Attachment is a legal process by which a court of law, at the request of a creditor, designates specific property owned by the debtor to be transferred to the creditor, or sold for the benefit of the creditor. [1] A wide variety of legal mechanisms are employed by debtors to prevent the attachment of their assets.
Asset protection (sometimes also referred to as debtor-creditor law) is a set of legal techniques and a body of statutory and common law dealing with protecting assets of individuals and business entities from civil money judgments.
Also, legally speaking, once debt is discharged or a financial repayment plan is approved by a judge, it will be another 5 to 8 years before one can file again. Chapter 7 versus Chapter 13
When the debt is cancelled, the creditor forgives the debt, thereby releasing that debtor from the whole obligation. In the context of a solidary obligation, if the obligee cancels the debt of some—but not all—of the obligors, the obligation is reduced by an amount proportionate to those whose debts have been cancelled; the obligee ...
That contrasts with the general law of mortgages, which allows most mortgagors to sustain a cause of action (sue) on a wrongful sale to restore the property into their qualified ownership if they bring any payment arrears up to date plus reasonable debt collection and legal costs of the creditor. [3]