20:38
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LSDefine
Simple English definitions for legal terms
solvent debtor
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A quick definition of solvent debtor:
A solvent debtor is someone who owes money to another person or entity but has enough property to cover all of their outstanding debts. This means that if a creditor takes legal action against them, they can enforce a judgment and collect the money owed. It is the opposite of an insolvent debtor, who does not have enough assets to pay off their debts.
A more thorough explanation:
Definition: A solvent debtor is a person who owes an obligation to another, especially an obligation to pay money, but owns enough property to cover all outstanding debts and against whom a creditor can enforce a judgment.
Example: John owes $10,000 to his creditor, but he owns a house worth $100,000 and has $50,000 in savings. John is considered a solvent debtor because he has enough assets to pay off his debt.
This example illustrates the definition of a solvent debtor. John owes money to his creditor, but he has enough assets to cover his debt. Therefore, his creditor can enforce a judgment against him to collect the debt.