Common Credit Management Terms

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  • Levy
    An assessment payable to the Superintendent of Bankruptcy for the purpose of defraying the expenses of the supervision by the Superintendent in the administration of estates.

  • Liabilities
    Financial obligations or debt of an individual or a corporation, including unpaid taxes, salaries, accounts payable etc.

  • Lien
    A legal right or interest that a creditor has in the debtor's property, lasting usually until the debt that it secures is satisfied.

  • Liquidation
    The act of converting assets of an individual or a company to cash, especially in bankruptcy or in the dissolution of a corporation.

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This glossary is presented as a service to our members and the general public. Click on the highlighted letter above and it will take you to the alphabetical section for the term you are seeking. As a new service, we welcome your suggestions to expand our glossary. Think a term should be explained differently? If so, you are welcome to submit the term and its meaning for our consideration. However, you must not do so by violating copyright and other laws. Don't see the term you're looking for? Contact us at geninfo@creditedu.org so we can help you.