Debtor is the person filing for bankruptcy in financial statements. Financial statements (or financial reports) are formal records of a business' financial Usually it is presented as one of the current assets. In Accounting, a current asset is an Asset on the Balance sheet which is expected to be sold or otherwise used up in the near future usually within one

In writing ledger accounts, a debtor's amount is written on the debit (Dr) side, as the name suggests. A ledger or lieger (from the English dialect forms liggen or leggen, to lie or lay in sense adapted from the Dutch substantive Debit and credit are formal Bookkeeping and Accounting terms They are the most fundamental concepts in accounting representing the two records that one Debtor as it appears in balance sheet connotes same meaning as the accounts receivable (USA accountancy). Accounts receivable (A/R is one of a series of Accounting transactions dealing with the Billing of customers who owe money to a person company or organization for In other words, a Debtor is someone who owes you money. It is the opposite of a Creditor who is someone to whom you owe money. A creditor is a party (eg person organization company or government that has a claim to the services of a second party

In economics a debtor (or a borrower) owes money to a creditor. Economics is the social science that studies the production distribution, and consumption of goods and services. In Finance, a Borrower is the party in a Loan agreement which receives money or other instrument from a Lender and promises to repay the lender in a specified A creditor is a party (eg person organization company or government that has a claim to the services of a second party

If the money owed becomes beyond the possibility of repayment, the debtor faces insolvency or bankruptcy; in the United Kingdom and some states of the United States until the mid-19th century, debtors could be imprisoned in debtor's prisons. Insolvency means the inability to pay one's debts This is defined in two different waysCash flow insolvency unable to pay debts as they fall dueBalance sheet insolvency Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay their Creditors Creditors may file a bankruptcy petition against The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located The United States of America —commonly referred to as the A debtors' prison is a Prison for those who are unable to pay a Debt.

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