Given all that, the chances of the IRS coming after the debtor for income tax on the forgiven debt are exactly zero.
Lazard will also get fees if it somehow is able to raise money for the debtor in the private or public markets.
But that means that the debtor will be on the hook for somewhere around 25% of the forgiven debt.
In Europe the principal divide that has opened is among countries, with debtor nations pitted against creditor nations.
The document gave Billings claim to all personal property, bank accounts, and future earnings of the debtor.
The creditor loses his usury and the debtor is acquitted of his obligation.
She had nothing to reproach him with; on the contrary, she felt she was his debtor.
The watch, they said, was the property of a friend, who had handed it to my debtor that he might take it somewhere to be repaired.
Such a person is more likely to be a creditor than a debtor to society.
In case an execution on a debt was obtained from a local court the property remained in the hands of the debtor for eighty days.
early 13c., dettur, dettour, from Old French detour, from Latin debitor "a debter," from past participle stem of debere; see debt. The -b- was restored in later French, and in English c.1560-c.1660. The KJV has detter three times, debter three times, debtor twice and debtour once.
Various regulations as to the relation between debtor and creditor are laid down in the Scriptures. (1.) The debtor was to deliver up as a pledge to the creditor what he could most easily dispense with (Deut. 24:10, 11). (2.) A mill, or millstone, or upper garment, when given as a pledge, could not be kept over night (Ex. 22:26, 27). (3.) A debt could not be exacted during the Sabbatic year (Deut. 15:1-15). For other laws bearing on this relation see Lev. 25:14, 32, 39; Matt. 18:25, 34. (4.) A surety was liable in the same way as the original debtor (Prov. 11:15; 17:18).