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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Collection


Synonyms:acquire assets, acquisition
Filed Under: financial-banking, mortgages
Tags: banking, bankruptcy, mortgage
 

Definition of collection

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:

  • asset case   A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.
  • bad credit   Someone who carries a higher credit risk.
  • bad credit loan   A loan taken out by someone with bad credit.
  • bad debt   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.
  • bankruptcy (BK)   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.
  • cash collateral   The proceeds of cash collected from the sale of liquid assets while in bankruptcy.
  • debtor   A person who has filed a petition for relief under the bankruptcy laws.
  • good credit   Someone who carries little credit risk.
  • levy   A cost imposed on an individual or entity.

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