They are called a debtor, and they are often bankrupt.
deptence
Debtor, or now a days, dead beat..
If you are unable to pay debts, depending on how much money is involved, you may have to declare bankruptcy or liquidate your assets to pay off debts
D. Capacity
A trader who secretes himself, or does certain other acts tending to defraud his creditors., A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person., A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities., Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant., Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury., Relating to bankrupts and bankruptcy., Destitute of, or wholly wanting (something once possessed, or something one should possess)., To make bankrupt; to bring financial ruin upon; to impoverish.
A person's estate is responsible for their debts unless someone else agreed to pay them.
true
Bankrupt
mean test
1 unable to meet debts; bankrupt 2 insufficient to meet all debts; as estate or fund
declared in law unable to pay outstanding debts.
They were unable to pay their debts.
The federal government was unable to pay its Revolutionary War debts because it did not have the power to levy taxes. The war was fought from 1775 to 1783.
Debtor, or now a days, dead beat..
If you are unable to pay debts, depending on how much money is involved, you may have to declare bankruptcy or liquidate your assets to pay off debts
"Bankrupt" means that a person or organization is unable to pay their debts and is legally declared insolvent.
Bankruptcy
A person who can not pay his or her debts