What is the meaning of “debtor”?

In Washington, a debtor is defined as someone who owes money to someone else. This could be to a person, an organization, or a bank. A typical example of a debtor is someone who has borrowed money from a bank to buy a car or a house. This person then enters into an agreement with the bank that they must pay back the money at a certain time with interest. In this case, the person would be the debtor, and the bank would be the creditor. Additionally, a debtor is any organization or person who has been ordered by a court to pay a debt. Creditors Rights Law in Washington is designed to protect both debtors and creditors. It allows creditors to take legal actions to collect the debt according to the agreed upon terms. The law also protects debtors from unfair debt collection practices by creditors and lays out other guidelines for creditors to adhere to. Ultimately, Creditors Rights Law in Washington is intended to improve the balance between debtors and creditors while ensuring both parties are treated fairly.

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What is the meaning of “debtor”?

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