See Also: debtor and creditor(encyclopedia)
Debtor(finance)
Debtor(law)
debtor(dictionary)
Debtor(money)
debtor(dictionary)
Account Debtor(money)
Debtor in possession(finance)
Debtor in possession(money)
Debtor-in-possession financing(money)

debtor and creditor (sh)




Respectively, a person who owes a debt and a person to whom the debt is owed.

Usually the debtor has received something from the creditor, in return for which the debtor has promised to make repayment at a later time. If the debtor fails to repay by the deadline, a formal collection process may commence. It is sometimes possible to attach the debtor's property, wages, or bank account as a means of forcing payment. Imprisonment of the debtor is a practice no longer followed. See also garnishment, lien.