A co-borrower is an additional person who is responsible for repaying a loan and is listed on the loan agreement alongside the primary borrower. Both borrowers are equally liable for the debt.
Interest incurred on personal debt and consumer credit, which is not deductible for tax purposes after 1990.
A debtor is an individual or entity that owes money to another party, typically referred to as a creditor. In bankruptcy or similar legal proceedings, a debtor is the subject on whom the actions are primarily focused.
A financial liability is a contractual obligation to deliver cash or another financial asset to another entity or to exchange financial instruments on potentially unfavorable terms.
A person or entity that guarantees, endorses, or provides indemnity agreements with respect to debts owed by another party. The guarantor ensures the debt will be repaid, and any losses incurred are deductible when sustained.
A qualified endorsement is a type of financial endorsement that includes specific wording to limit the endorser's liability, such as 'Without recourse,' to indicate that the endorser is not responsible if the instrument is not honored.
