What Is the Meaning of Debtors?
A debtor is a person that owes a debt. A debt is an obligation, or something owed, often applied to a financial obligation. According to the "Britannica-Webster Dictionary and Reference Guide," a debtor also refers to a sinner. Depending on its usage, the term debtor can take on a negative connotation.
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Creditor
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When referring to a financial obligation, a creditor is the entity to whom the debtor owes the debt. For example, if borrowing money from a bank to purchase a car, the bank is the creditor and the borrower or party purchasing the vehicle is the debtor.
Debtor
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Technically speaking, just about everyone is a debtor. The tenant owes money to his landlord for rent, the home buyer owes money to the lender for the home loan, and the person who ordered a box of Girl Scout cookies from the neighbor girl without paying first are all debtors. A debtor might also apply to one who owes another a favor, such as a cup of sugar borrowed or a ride to work.
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Bankruptcy
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The party filing for bankruptcy is the debtor. Today bankruptcy laws include debtor education and credit counseling. While most people are debtors in that they owe money, when applied to a bankruptcy situation the meaning takes on the negative connotation of one who is unable to meet his financial obligations.
Debtors' Prison
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At one time debtors faced debtors' prison if they failed to pay their bills. This meant poor people who were suffering in poverty and unable to find work feared their creditors, knowing the creditors had the power to send them to prison. Family members and friends often had to pay the debt if they wanted their friend or loved one released. Yet debtor's prisons weren't the only punishment debtors faced. Some were enslaved, branded or tortured throughout history. Debtors' prisons became obsolete in 19th century America. Yet today some states have enacted laws that can send debtors to prison or jail if they fail to pay certain debts.
Biblical Sinner
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In some translations of the Bible, the term "debtor" appears in Matthew 6:9-13, from a passage known as the Lord's Prayer. The New International version quotes the passage as,"And forgive us our debts, as we also have forgiven our debtors," while the King James version is, "And forgive us our debts, as we forgive our debtors." Many interpret the passage as applying to sins committed against another, as opposed to a financial obligation.
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References
- Penn State: Debtors' Prison; by Julian Heicklen
- "Britannica-Webster Dictionary and Reference Guide"; Encyclopedia Britanica;1981
- "Readings in Medieval History: The Early Middle Ages"; Patrick J. Geary; 2010
- Federal Trade Commission: Before You File for Personal Bankruptcy
- Bible Gateway: Matthew 6:9-13 (King James Version)
- Bible Gateway: Matthew 6:9-13 (New International Version, 2011)
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