# Debtor Agreement
**This Debtor Agreement** (“Agreement”) is made and entered into as of this [Date] by and between:
**Creditor:**
[Full Name]
[Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**Debtor:**
[Full Name]
[Address]
[City, State, Zip Code]
[Email Address]
[Phone Number]
**Collectively referred to as "Parties."**
## Recitals
WHEREAS, the Debtor acknowledges a debt owed to the Creditor; and
WHEREAS, the Creditor agrees to the terms and conditions of repayment as outlined in this Agreement;
NOW, THEREFORE, in consideration of the mutual promises contained herein, the Parties agree as follows:
## 1. Debt Acknowledgment
1.1 The Debtor acknowledges that they owe the Creditor a total of [Amount] as of [Date].
1.2 The debt arises from [Reason for Debt, e.g., loan, purchase of goods/services, etc.].
## 2. Payment Terms
2.1 The Debtor agrees to repay the total amount of the debt [insert total amount] to the Creditor in the following manner:
a. **Payment Amount:** [Indicate amount to be paid in each installment, e.g., weekly, bi-weekly, monthly]
b. **Payment Due Date:** Payments are due on [Specify due dates].
c. **Payment Method:** Payments shall be made by [Specify method of payment, e.g., bank transfer, check, etc.].
2.2 The Debtor shall commence making payments on [Start Date] and continue until the debt is paid in full, or until [End Date], whichever occurs first.
## 3. Late Payment
3.1 If any payment is not made within [Number] days of the due date, the Debtor agrees to pay a late fee of [Late Fee Amount].
3.2 In the event of failure to make timely payment, the Creditor reserves the right to declare the entire unpaid balance immediately due and payable.
## 4. Default
4.1 The Debtor will be in default under this Agreement if:
a. Any payment is not made within [Number] days of the due date;
b. The Debtor becomes insolvent or seeks protection under any bankruptcy laws.
4.2 In the event of default, the Creditor may pursue any and all legal remedies available, including but not limited to, seeking payment through legal channels.
## 5. Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of [State].
## 6. Severability
If any provision of this Agreement is found to be invalid or unenforceable, the remaining provisions shall continue to be valid and enforceable.
## 7. Entire Agreement
This Agreement constitutes the entire agreement between the Parties and supersedes any prior understanding or agreements, whether written or oral, regarding the subject matter herein.
## 8. Amendment
This Agreement may only be amended or modified in writing signed by both Parties.
## IN WITNESS WHEREOF,
The Parties have executed this Debtor Agreement as of the date first above written.
_____________________________
**[Creditor's Signature]**
[Creditor's Printed Name]
Date: _______________________
_____________________________
**[Debtor's Signature]**
[Debtor's Printed Name]
Date: _______________________
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**Note:** This document is a template and should be customized as needed to suit specific circumstances. It is recommended to seek legal advice before executing any debt agreements.