{"id":360090,"date":"2013-01-28T16:34:14","date_gmt":"2013-01-28T21:34:14","guid":{"rendered":"https:\/\/content.findlaw-admin.com\/ability-law\/dictionary\/definition\/debt.html"},"modified":"2013-01-28T16:34:14","modified_gmt":"2013-01-28T21:34:14","slug":"debt","status":"publish","type":"dictionary","link":"https:\/\/dictionary.findlaw.com\/definition\/debt.html","title":{"rendered":"Debt"},"content":{"rendered":"\n
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term:<\/p>\n

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n<\/p><\/dt>\n

[Old French dette<\/i>, ultimately from Latin debita<\/i>, plural of debitum<\/i> debt, from neuter of debitus<\/i>, past participle of debere<\/i> to owe]
1<\/b> :<\/b> something owed: as
a<\/b> :<\/b> a specific sum of money or a performance due another esp. by agreement (as a loan agreement) [to pay the s<\/i>…of the United States “U.S. Constitution<\/i> art. I”] [a for alimony]
b<\/b> :<\/b> an obligation to pay or perform on another’s claim [discharged the ] compare asset<\/a>, equity<\/a> NOTE: It is often up to the courts to decide what is or is not a debt under various laws. Courts disagree whether criminal restitution is a debt under the Bankruptcy Code. The historical practice of imprisoning debtors for nonpayment is no longer used. <\/i> <\/p>\n

antecedent debt<\/b>
:<\/b> debt that is incurred prior to a property transfer paying or securing the debt compare preference<\/a> <\/p>\n

bad debt<\/b>
:<\/b> a debt that cannot be collected NOTE: An income tax deduction is allowed for bad debts. <\/i> <\/p>\n

consumer debt<\/b>
:<\/b> debt that is incurred by an individual primarily for the purchase of consumer goods or services compare consumer credit<\/a> <\/p>\n

judgment debt<\/b>
:<\/b> a debt established by a judgment and enforceable by a legal process (as an execution of judgment or attachment)
c<\/b> :<\/b> a state of owing [in ]
d<\/b> :<\/b> the aggregate of money owed [the national ]
2<\/b> :<\/b> the common-law action for the recovery of a specified sum of money or a sum that can be simply and certainly determined called also action of debt<\/i> writ of debt<\/i> compare assumpsit<\/a>, covenant<\/a> <\/p>\n<\/dd>\n<\/dl>\n

Source: Merriam-Webster’s Dictionary of Law \u00a91996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.<\/div>\n<\/div>\n
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Related Terms from the Bankruptcy and Debt Law Glossary<\/h2>\n\t\n\t
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