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Simple English definitions for legal terms

debtor

Read a random definition: maritagium habere

A quick definition of debtor:

A debtor is someone who owes money or has an obligation to someone else. For example, if a person borrows money from a bank, they become a debtor and have to pay back the loan plus interest. In some cases, a debtor may also put up property as collateral for a loan or purchase, which means the creditor has the right to take the property if the debtor doesn't pay off their obligations. In bankruptcy law, the debtor is the person who files for bankruptcy or against whom an involuntary bankruptcy petition is filed.

A more thorough explanation:

A debtor is a person or entity that owes a debt or obligation to someone else. This usually means they owe money to a creditor.

When you take out a loan from a bank, you become a debtor and owe the bank the money you borrowed plus interest.
If you buy a car on credit, you are the debtor and owe the car dealership the money for the car.
In a secured transaction, the debtor is the person who puts up property as collateral for a loan or purchase. For example, if you take out a mortgage to buy a house, the house is the collateral and you are the debtor.

These examples illustrate how a debtor is someone who owes an obligation to someone else, usually in the form of money. In each case, the debtor has received something of value (a loan, a car, a house) and has agreed to pay for it over time.

debt-to-income ratio | debtor and creditor

General

General chat about the legal profession.

General >T14 Off Topic

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NosyBeagle

16:59

If you spend a couple months studying, take the test like summer/early fall then you could totally get a good score and dominate ur apps

ParallelAgreeableOrangutan

17:00

As a young potential KJD applicant, there is absolutely no rush and potentially everything to gain by getting work (and life) experience for a year or three

AngryMiniCar

17:00

^^ mmhm

GratefulSpecialSloth

17:01

thank you guys!! and no i don't mind the gap year i just want to make sure i'm fully prepared

AngryMiniCar

17:01

Especially cause a good amount of your competition is gonna have at least 1 year of work experience ahead of you.

AngryMiniCar

17:01

Yesss take the gap

ParallelAgreeableOrangutan

17:01

Unless you have like a 4.3 CAS GPA and crazy softs (softs are the non-quantifiable elements in your application that set you apart from others with similar stats)

AngryMiniCar

17:01

^^

ParallelAgreeableOrangutan

17:02

But even so, enjoy being young, trying something you won't have time to try once you're a law student/lawyer

ParallelAgreeableOrangutan

17:03

And that thing will make your application sparkle

ParallelAgreeableOrangutan

17:03

It will also make you sparkle (hopefully!)

NosyBeagle

17:03

take it from me: don't rush to take the lsat while you're trying to finish school you're gonna get a poopy score, and have to try again later anyways so be smart and take a load off. you got this

GratefulSpecialSloth

17:05

well unfortunately my gpa is sitting at a 3.5 or so because i did get a c in calc when i was 15... but i did see retaking classes doesnt affect the lsac gpa but again thank you guys!! luckily these two semesters aren't too bad for me but hopefully i can find something aligned with my interests to help me w that

ParallelAgreeableOrangutan

17:06

What was it like starting college at... 15?

AngryMiniCar

17:07

15????

ParallelAgreeableOrangutan

17:07

I mean I'm just doing the math (I think)

NosyBeagle

17:07

a 3.5 is still good.

NosyBeagle

17:07

also don't go on r/lawschooladmissions cus they're gonna tell you to die pretty much

ParallelAgreeableOrangutan

17:09

What are your career goals? Why do you want to be a lawyer? Asking both because you'll need to get clear on that for your admissions essays and because I'm super curious lol

NosyBeagle

17:10

^^

GratefulSpecialSloth

17:13

So I did dual enrollment and summer classes for my paralegal cert (that I haven’t finished) and not ACTUALLY started college. I barely graduated hs last year actually! But I wanted to originally work gov because I did get sexually assaulted as a child and recently had trial 3 weeks ago (after the case became a 3-4 year ordeal) and he was actually acquitted of all charges UNFORTUNATELY but that kinda inspired me when I was younger

NosyBeagle

17:13

I'm so sorry to hear that ): I think you'd be a strong advocate for kids.

GratefulSpecialSloth

17:14

And I do know im going to get paid peanuts as some may put it so if im in debt maybe ill do whatever, and i do know corporate is a stretch but i have been working since i was 14 so i feel like id be able to handle the workload of that… and just do pro bono cases if i dont want to be “poor” for long

GratefulSpecialSloth

17:14

And thank you! It definitely hasn’t been easy and I have been trying to be more vocal about that recently especially on social media and getting my story out

NosyBeagle

17:22

Yes I defintely think you deserve a BREAK and hopefully you do too. You've been through so much. Also u can totally minimize ur debt with saving a buttload of money. but it is ok. all of us are gonna be in the hole for awhile

ParallelAgreeableOrangutan

18:03

I'm sorry that happened to you! Definitely agree with the above, you definitely deserve a break. Hopefully you can find something that pays bills and gives you some peace and enjoyment, then jump into law school grounded and rested. (Sorry for the slow reply, hope you see it)

ParallelAgreeableOrangutan

18:06

We are rooting for you

Bettercaulsaul

21:46

Minor set back for a major comeback you got this

llama

23:20

@ParallelAgreeableOrangutan: I appreciate u always hyping everyone up and being a stand up person/giving good advice on here, bravo

llama

23:21

@GratefulSpecialSloth: things can change fast, aim for small incremental improvements each day and you will get where you need to be! Rooting for you as well!

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