What is a debtor?

A debtor is the natural or legal person who must obligatorily respond to the payment of a debt. In addition, by the meaning of debtor it is understood that a person voluntarily committed himself through the acquisition of a good or service to pay a debt.

According to the debtor concept, all debtors must answer to a creditor and in the event that it does not comply with the established contract or with the regulations in force at all times, the creditor may sue the debtor if he is not responsible for his obligations.

On the other hand, there are several types of debtors and their classification is based on the characteristics of the debt and the terms established for its payment:

  • Joint and several debtor: due to legal matters or due to maturity of the debt, this type of debtor may be required to comply with the payment.
  • Mortgage debtor: in this case, the debtor faces a financial institution
  • Insolvent debtor: is one who openly declares that he cannot face the debts acquired

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