10:11
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LSDefine
Simple English definitions for legal terms
arrears
Read a random definition: ownership-in-place theory
A quick definition of arrears:
Arrears: When someone owes money and hasn't paid it by the due date, it's called arrears. For example, if someone hasn't paid their mortgage for a few months, they have built up arrears.
A more thorough explanation:
Arrears refer to the amount of debt that has accumulated and has not been paid on the due date. For example, if someone has not paid their rent for three months, they have built up arrears for three months' worth of rent.
Another example of arrears is when a person falls behind on their mortgage payments. If they owe $5000 in mortgage payments that have not been paid on time, they have built up $5000 in arrears.
Arrears can also refer to unpaid child support or alimony payments. If a parent fails to pay child support for several months, they have built up arrears for the unpaid amount.
Overall, arrears are a type of debt that has not been paid on time and has accumulated over a period of time.