BADDEBT

Bad debt

A bad debt is an amount owed to a business or individual that is written off by the creditor as a loss because the debt cannot be collected and all reasonable efforts to collect it have been exhausted. This usually occurs when the debtor has declared bankruptcy or the cost of pursuing further action in an attempt to collect the debt exceeds the debt itself.

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bad debt

Noun

  1. A debt which cannot be recovered from the debtor, either because the debtor doesn't have the money to pay or because the debtor cannot be found and/or forced to pay.


The above text is a snippet from Wiktionary: bad debt
and as such is available under the Creative Commons Attribution/Share-Alike License.

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