A debtor, or debitor, is a legal entity that owes a debt to another entity, which can be an individual, a firm, a government, a company, or another legal person. The entity owing the debt is often referred to as a borrower when the debt is to a financial institution, and as an issuer when the debt is in the form of securities such as bonds. It is not a crime to fail to pay a debt, except in certain bankruptcy situations. Debtors can choose to pay debts in any priority they choose, but if they fail to pay a debt, they have broken a contract or agreement between them and a creditor. The history of the term "debtor" dates back to the origins of trading and credit. Anthropologist David Graeber suggests that debtors and creditors existed even before the implementation of coinage. Types of debtors include legal court debt, loan shark debt, overdraft debt, parking fines, payday loan debt, personal loan debt, phone debt, and utility debt
. Legally, someone who files a voluntary petition to declare bankruptcy is also considered a debtor. Debtors are protected by laws such as the Fair Debt Collection Practices Act, which prevents bill collectors from threatening debtors with jail time. While the term "debtor" can have a negative connotation, it simply means that a person or company owes money to another person or institution
