Is a company: no
Is a proper noun: no
- acquire assets
Definition of Collection
- 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.