AskDefine | Define debtor

Dictionary Definition

debtor n : a person who owes a creditor; someone who has the obligation of paying a debt [ant: creditor]

User Contributed Dictionary

English

Pronunciation

  • a RP
    • /ˈdɛt.ə/, /"dEt.@/
  • a AusE
    • /ˈdet.ə/, /"det.@/
  • a GenAm
    • /ˈdɛt.ɚ/, /"dEt.@`/
  • Rhymes with: -ɛtə(r)

Noun

  1. A person or firm that owes money; one in debt; one who owes a debt
  2. : One who owes another anything, or is under obligation, arising from express agreement, implication of law, or principles of natural justice, to pay money or to fulfill some other obligation; in bankruptcy or similar proceedings, the person who is the subject of the proceeding.

Antonyms

Translations

a person or firm that owes money

Extensive Definition

Debtor is the person filing for bankruptcy in financial statements. Usually it is presented as one of the current assets.
In writing ledger accounts, a debtor's amount is written on the debit (Dr) side, as the name suggests. Debtor as it appears in balance sheet connotes same meaning as the accounts receivable (USA accountancy). In other words, a Debtor is someone who owes you money. It is the opposite of a Creditor who is someone to whom you owe money.
In economics a debtor (or a borrower) owes money to a creditor.
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 in Danish: Debitor
debtor in German: Schuldner
debtor in Estonian: Võlgnik
debtor in Spanish: Deudor
debtor in French: Débiteur
debtor in Korean: 채무자
debtor in Indonesian: Debitur
debtor in Italian: Debitore
debtor in Lithuanian: Debitorius
debtor in Hungarian: Adós
debtor in Dutch: Debiteur
debtor in Norwegian: Debitor
debtor in Polish: Dłużnik
debtor in Portuguese: Devedor
debtor in Sicilian: Dibbituri
debtor in Swedish: Gäldenär
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