Here’s a quick rundown of some of the words you’ll come across when it comes to Bankruptcy. Some of these words are only ever used in legal documents and solicitor’s offices (some, quite frankly, sound a bit medical).
A person or firm you owe money to.
Someone loaned you money but they don't have the right to take any of your goods or possessions if you don't pay it back.
A person that agrees to pay back someone else's debt if they don't keep up the payments.
If you're unable to pay back what you owe.
DISCLAIMER: This article should not be regarded as constituting legal advice in relation to particular circumstances. This article is merely a general comment on the relevant topic.
Published on 7th March 2013
(Last updated 28th March 2018)