Collecting Assessments
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Acceleration The collection of all assessments due through the end of the fiscal year. For
example, if an owner's payments on the annual assessment are due monthly and
become delinquent at the end of March, all monthly payments through December
of that year are due immediately.
Assessment An Assessment is the owner's financial obligation to the community association
during a given period of time—usually one year. It covers the owner's share of the
common expense, also known as "common expense liabilities" in some states.
Bad debt write-off A bad debt write-off consists of recording an uncollectible debt as an expense
that the association must absorb. This usually requires a resolution of the board.
Chapter 7 bankruptcy Chapter 7 is called straight bankruptcy or liquidation. It involves the prompt
conversion of all the individual's or corporation's non-exempt property to cash,
and payment of creditors to the extent possible.
Chapter 11 bankruptcy Chapter 11 is called a reorganization because it is designed to allow for an orderly
payment to creditors that enable a corporation to continue.
Chapter 13 bankruptcy Chapter 13 is used to reorganize personal or non-corporate debt. A plan is
submitted to a judge for paying off all or nearly all of the debt over a specified
period of time.
Fair Debt Collection Practices Act Requires that the person who owes a debt receive written notice.
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