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The state supported this effort by standardizing amounts for certain wrongs. Thus the earliest form of Obligation law derives out of what we would today call Delict. [3] However, liability in this form did not yet include the idea that the debtor "owed" monetary compensation to the creditor, it was merely a means of avoiding punishment.
The person who owes the bill or debt is the debtor. Debtors may fail to pay (default) for various reasons: because of a lack of financial planning or overcommitment on their part; due to an unforeseen eventuality such as the loss of a job or health problems; dispute or disagreement over the debt or what is being billed for; or dishonesty on the ...
Regardless of the reason why that person owes you money, it’s important to understand how debt is dealt with after a person’s death and what you can do to recover the money you’re owed ...
In law, a person who has a money judgment entered in their favor by a court is called a judgment creditor. The term creditor derives from the notion of credit . Also, in modern America, credit refers to a rating which indicates the likelihood a borrower will pay back their loan .
Debt is an obligation that requires one party, the debtor, to pay money borrowed or otherwise withheld from another party, the creditor.Debt may be owed by a sovereign state or country, local government, company, or an individual.
How living in a community property state can affect your spouse. If you live in a state with community property laws, your spouse could be responsible for any unpaid medical debts after you die.
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.
An outstanding balance on a credit card is the amount of money you owe the minute you check your account. This amount includes all charges on your account you have not paid for, including recent ...