Business, Legal & Accounting Glossary
Overdue alimony or child support payments. In recent years, state laws have made it difficult to impossible to get rid of arrearages; they can’t be discharged in bankruptcy, and courts usually will not retroactively cancel them. A spouse or parent who falls on tough times and is unable to make payments should request a temporary modification of the payments before the arrearages build up.
The man said it would take 3 more years to pay off the arrearage on his car including the interest.
It was past due, so I told my friend that it was an arrearage and we might as well forget about it and let it go.
Preferred stocks can temporarily suspend dividends; however, they must resume paying them before common stock dividends can be paid, including the past due dividend amounts, called an arrearage.
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This glossary post was last updated: 5th November, 2021 | 0 Views.