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In its simplest form, debt is an obligation for you to pay another person. The obligation can come from an agreement such as a loan. It can also come from the law requiring it such as unpaid taxes. The person who owes money is called the debtor. The person who is owed money is called the creditor or lender.
Many transactions and situations can give rise to debt obligations. It is important to understand how debt is created so that you know what you are getting into.
From everyday bills to bank loans and credit cards, most of us have debts of one kind or another.
If you are in a situation where you are unable to meet your debt obligations, it is important to understand your options. This can help you resolve the matter as quickly as possible.
Under credit agreements, creditors have options to protect their interests when a debtor fails to meet their obligations.
When a debt goes unpaid, creditors may choose to seek a court judgment against the debtor in an effort to get their money back.
When a mortgage is in arrears, the lending institution can take steps to foreclose on the mortgage and take over ownership of the property.
When a debtor is simply unable to manage their debt and has no likely prospect of doing so in the future, they may consider filing for bankruptcy.
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