judgment debtor
Noun: A judgment debtor is a person or entity (such as a company) against whom a court has issued a judgment ordering them to pay a specific sum of money to another party (the judgment creditor). This term is used in legal and financial contexts to describe the party who owes the debt after a court ruling.
- (The person or company legally required to pay after losing a lawsuit.)
- (The debtor's failure to comply with the court order can lead to legal actions to collect the debt.)
"To be a judgment debtor": to have a court-ordered obligation to pay a debt.
- After the trial, he became a judgment debtor and had to sell his assets to satisfy the ruling. (He was legally forced to pay the amount decided by the court.)
"Judgment debtor's assets": property or funds belonging to the debtor that can be seized to pay the debt.
- The sheriff seized the judgment debtor's bank account to enforce the judgment. (The legal authority took money from the debtor's account to settle the debt.)
Judgment creditor (n): the party who is owed money under a court judgment.
- The judgment creditor filed a motion to garnish the debtor's wages. (The person or entity to whom the debt is owed took legal steps to collect.)
Judgment proof (adj): describes a debtor who has no assets or income that can be legally taken to satisfy a judgment.
- Because he had no job or property, he was considered judgment proof. (He could not be forced to pay because he had nothing to seize.)
- Debtor: a person who owes money, generally (but not necessarily after a court judgment).
- Obligor: a person who is legally bound to pay a debt or perform an obligation.
"Satisfy a judgment": to pay the full amount owed under a court order.
- The judgment debtor satisfied the judgment by paying the entire sum plus interest. (The debtor fulfilled the court's requirement.)
"Enforce a judgment": to take legal action to collect the debt from the judgment debtor.
- The creditor hired a lawyer to enforce the judgment against the debtor. (The creditor used legal means to force payment.)