Given all that, the chances of the IRS coming after the debtor for income tax on the forgiven debt are exactly zero.
Lazard will also get fees if it somehow is able to raise money for the debtor in the private or public markets.
But that means that the debtor will be on the hook for somewhere around 25% of the forgiven debt.
In Europe the principal divide that has opened is among countries, with debtor nations pitted against creditor nations.
The document gave Billings claim to all personal property, bank accounts, and future earnings of the debtor.
The creditor loses his usury and the debtor is acquitted of his obligation.
A thief, debtor, slanderer, or defamer may become the slave of the one he has wronged.
The watch, they said, was the property of a friend, who had handed it to my debtor that he might take it somewhere to be repaired.
A debtor cannot become a slave, and parents in distress cannot sell their children.
In case an execution on a debt was obtained from a local court the property remained in the hands of the debtor for eighty days.
early 13c., dettur, dettour, from Old French detour, from Latin debitor "a debter," from past participle stem of debere; see debt. The -b- was restored in later French, and in English c.1560-c.1660. The KJV has detter three times, debter three times, debtor twice and debtour once.