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In economics a debtor is simply an entity that owes a debt to someone else, the entity could be an individual, a firm, a government, or an organization. The counterparty of this arrangement is called a creditor. When the counterparty of this debt arrangement is a bank, the debtor is more often referred to as a borrower.

Default occurs when the debtor has not met its legal obligations according to the debt contract, e.g.- it has not made a scheduled payment, or has violated a loan covenant (condition) of the debt contract. Default may occur if the debtor is either unwilling or unable to pay their debt. This can occur with all debt obligations including bonds, mortgages, loans, and promissory notes.

If the money owed becomes beyond the possibility of repayment, the debtor faces insolvency or bankruptcy; in the United Kingdom and some states of the United States until the mid-19th century, debtors could be imprisoned in debtor's prisons.

Debtor Subcategories Debtor Articles Bankruptcy - How To Succeed 2 by peter radford Nov 18, 2008 History: Continued Since such banking practices were common in Italy, it has been suggested that the Italian words banco rotto, or broken bank, represents the true meaning of the term bankruptcy. Alternatively, some derive the word from the F... New Bankruptcy Laws Do Not Help Debtors! by Stephen bis Dec 11, 2007 Most people who have a large amount of debt that they are struggling to pay off, at one time or another have contemplated the option of going through a bankruptcy proceeding. In this brief writing I am going to give you a couple very serious reasons ... Low Interest Debt Consolidation by Christian Okoye Nov 21, 2007 Debt consolidation loans assist debtors lower their monthly bills while paying off credit cards with high interest rates and debt, adhering to an overall debt strategy. Many online counselors or debt management services will offer to make your bills ... Way to Low Interest Debt Consolidation by Christian Okoye Oct 30, 2007 Debt consolidation loans assist debtors lower their monthly bills while paying off credit cards with high interest rates and debt, adhering to an overall debt strategy. Many online counselors or debt management services will offer to make your bills ... Euler Hermes launches credit insurance policy for receivables finance market by PR Sending Jun 28, 2007 Euler Hermes UK (EHUK), the UK’s leading credit insurer, has launched PaymentPlus, a new product for invoice finance providers and their clients. Developed in consultation with leading invoice finance providers to specifically address the n... Loan Sharks Are Illegal Money Lenders-Know The Catches of Using Their Money by Cornie Herring Jan 25, 2007 Banks and legitimate finance institutes will normally check the loan applicants' credit history and evaluate their past repayment performance before they approve their loan application. This makes loan applicants with bad credit scores hard to obtain... A Quick Lesson in Bankruptcy Exemption Allowances by Victoria Ring Jan 22, 2007 The information contained in this article is solely intended to increase the skills of paralegals and other legal staff who are employed virtually or non-virtually by bankruptcy attorneys. Exemption allowances in bankruptcy are the amount of ... Personal insolvencies are at record levels across the UK: Which way for the debtor? by Martin McAllister Jan 09, 2007 In the UK, when a debtor owes a sum of money in excess of £750 to a creditor, he can be made bankrupt by the creditor applying to the court for a bankruptcy order to be granted against him. This sum can comprise of debts that are due to a numbe... Bankruptcy Petition Drafting Tips for Schedule A by Victoria Ring Dec 17, 2006 The information contained in this article is solely intended to increase the skills of paralegals and other legal staff who are employed virtually or non-virtually by bankruptcy attorneys. This information is NOT taught in any law school or paralegal... Bankruptcy Petition Drafting Tip 14 by Victoria Ring Dec 15, 2006 There are TWO things you should find out from the attorney (or ask the debtor in the client intake interview) before you start drafting a bankruptcy petition. These two questions are: 1. Have you completed the credit counseling requirement?...