Debt Collection Phrases

noun a legal process that allows a creditor to take money directly from a debtor's wages or bank account to settle a debt

• The court issued a garnishment order to collect the unpaid debt.
• They're taking money out of my paycheck for garnishment.
• I can't believe they're hitting me with a garnishment for that old bill.
• His constant negativity was like a garnishment on my happiness.

noun the act of setting off; a counterbalance or equivalent

verb to counterbalance or compensate for

• The company used the setoff clause in the contract to deduct the amount owed from the final payment.
• I heard they're planning to do a setoff of the expenses against the profits.
• Let's do a setoff of our bills and see how much we have left to spend.
• Her kindness was a setoff against his harsh words, balancing out the negative energy.

noun a legal term referring to a specific action or event that constitutes an act of bankruptcy

• The debtor's failure to pay their debts may be considered an act of bankruptcy.
• If you keep ignoring your bills, you're gonna end up committing an act of bankruptcy.
• Dude, not paying your debts is like asking for an act of bankruptcy.
• Her reckless spending was the ultimate act of bankruptcy for her financial stability.