What is a debtor?

A debtor is any person or party who owes money to someone else. When the debtor fails to make a payment, this lack of action is called default. Default may occur if the debtor either cannot or will not pay back a loan.

Typically, debtors find themselves turning to bankruptcy if the amount of money owed has grown to be too large for them to pay off in the allotted time period.

To learn more, contact the Austin bankruptcy attorneys of Slater, Kennon & Pugh Ltd.LLP, at 512-338-1100.

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