Collection

Definition

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

Synonyms
acquisition, acquire assets

Related Terms and Acronyms

• Asset Case — Definition,
  • A bankruptcy proceeding where there are non-exempt assets that might be accessible to pay creditor's claims.
• Bad Credit — Definition,
  • Someone who carries a higher credit risk.
• 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.
• 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.
• Cash Collateral — Definition,
  • The proceeds of cash collected from the sale of liquid assets while in bankruptcy.
• Debtor — Definition,
  • A person who has filed a petition for relief under the bankruptcy laws.
  • Anyone who owes money to a creditor.
• Good Credit — Definition,
  • Someone who carries little credit risk.
• Levy — Definition,
  • A cost imposed on an individual or entity.