bankrupt
Foreclosure
forcloser
Foreclosure
A person who cannot pay their debt is often referred to as a "debtor." If they are unable to meet their financial obligations, they may also be described as "insolvent" or "bankrupt" if they have filed for bankruptcy protection. In informal contexts, they might simply be called "broke."
His business went to the dogs and he was declared bankrupt. He was unable to pay his debt and was declared bankrupt. His creditors got nothing as he was declared bankrupt.
You cosigned that you would pay the debt if the other person is late or defaults. That means you have to pay the debt if the other person is late or defaults.
The best way a person can pay their credit card debt is by getting a job to earn money to pay off the debt. By being wise about how their money is spent, a person can begin to pay off the debt without creating more.
Do NOT pay any money to a collection agency.......send your money to the debtor, the person you owe it to. Send it in the form of a check or money order. NEVER PAY A COLLECTION AGENCY
Deadbeat
In most countries, being in debt (or rather being unable to repay debt) is not a crime, you cannot be arrested or imprisoned for it.
promise to pay another's debt that is not conditioned upon the other person's failure to pay promise to pay another's debt that is not conditioned upon the other person's failure to pay
my husband is 72 and got laid off. i am 60 and unable to work. we have 15,000.00 in card debt. besides getting a bad rate can they force us to pay ?