Collection

Importance: 0.57

Is a company: no

Is a proper noun: no

Synonyms

  • acquisition
  • acquire assets

Definition of Collection

  1. The efforts used to bring a delinquent mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.

Related Terms and Acronyms

  • Levy Definition,
    • A cost imposed on an individual or entity.
  • Bad Credit Definition,
    • Someone who carries a higher credit risk.
  • Bankruptcy (BK) Acronym, Important,
    • A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
  • Debtor Definition,
    • A person who has filed a petition for relief under the bankruptcy laws.
    • Anyone who owes money to a creditor.
  • Cash Collateral Definition,
    • The proceeds of cash collected from the sale of liquid assets while in bankruptcy.
  • Bad Credit Loan Definition,
    • A loan taken out by someone with bad credit.
  • Bad Debt Definition,
    • Money that cannot be collected is considered bad debt. Businesses can deduct bad debts under certain circumstances. If a bad debt is personal, it can also be deducted in some instances as a short-term capital loss.
  • Asset Case Definition,
    • A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.
  • Good Credit Definition,
    • Someone who carries little credit risk.
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