Collection in the legal sense (as opposed to internal account receivables policy and procedures of companies, for example) involves the legal methods used by creditors, generally defines as persons owed a debt, to collect on that debt. Collection tools include obtaining a legal judgment against a debtor, placing liens on debtor’s property, foreclosure or repossession of a debtor’s property, garnishing a debtor’s money such as bank accounts or wages, or setting aside particular transactions by a debtor as a fraudulent conveyance.
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