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What is a Debtor?

April 26, 2017debtor

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What is a Debtor?

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The term “debtor” is used to describe a company that has filed for bankruptcy, or one that owes debts to creditors.

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A person who files under Chapter 13 is called a debtor. Married couples may file a Chapter 13 case jointly, but that is the only instance in which the debtor in a Chapter 13 case can be more than one person. Corporations, probate estates, partnerships, limited partnerships and trusts are not eligible to file Chapter 13 cases.

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In its most basic form, a debtor is a person who owes someone else money. A creditor is the person who is owed money. For example, If John loans Mary fifty dollars, then John is the creditor of Mary, and Mary is the debtor or John.