Legal definition of bad debt
Credit Repair Legal Terminology

bad debt

1
the debt that can not be collected for different reasons.

Generally, credit card debts used to purchase basic nesessities as well as hospital care debts considered "bad debts".

Accounts receivable that will likely remain uncollectable and will be written off. Bad debts appear as an expense on the company's income statement, thus reducing net income.
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Paul C HerrAttorney at LawPRACTICE AREA: Real Estate Law, Wills & Probate, Trusts & Estate Planning, Industrial Development Law
Taya R NaruseAttorney at LawPRACTICE AREA: Real Estate Law, Business Law, Litigation, Industrial Development Law
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