👉 In economics and finance, a "debtors" refers to individuals or entities who are unable to meet their obligations to pay back or repay money owed. This could include debts arising from loans, investments, or other financial transactions. For example, in a scenario where a person owes someone else money for goods they purchased, the debtors would be those who cannot fulfill this obligation and have no means to do so. In another context, if someone is unable to pay back a loan they previously took
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What is the definition of Debtorship? 🙋
👉 Debtorship, also known as debtors' rights, is a legal principle that allows individuals to sue others for debts. It's similar to personal property law but focuses on creditors and their rights in relation to loans or other obligations owed by someone else. In the US, a debtor typically refers to an individual who owes money to another person (the creditor) due to a transaction like a loan or purchase of goods. In the UK, it is often used as a synonym for 'deb
