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Simple English definitions for legal terms
joint debtor
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A quick definition of joint debtor:
A joint debtor is someone who owes money along with one or more other people. They are all responsible for paying back the same debt. For example, if two friends take out a loan together, they are both joint debtors and must both make payments to the lender.
A more thorough explanation:
A joint debtor is a person who is responsible for paying the same debt as one or more other people. For example, if two people take out a loan together, they are joint debtors.
Other types of debtors include:
- Absent debtor: A debtor who is not in the same area as their creditors.
- Absconding debtor: A debtor who runs away to avoid paying their debt.
- Account debtor: A person who owes money on an account or other type of financial obligation.
- Concealed debtor: A debtor who tries to hide from their creditors.
- Judgment debtor: A debtor who has been ordered by a court to pay a debt.
- New debtor: A person who becomes responsible for a debt that was previously owed by someone else.
- Solvent debtor: A debtor who has enough assets to pay off all of their debts.
Understanding the different types of debtors can be important in legal and financial situations. For example, if a creditor is trying to collect a debt, they may need to know if there are any joint debtors who can also be held responsible for the debt.