# Arrearage

**IRI:** https://folio.openlegalstandard.org/RBd1clKZgj2xZh3Hi4reLVQ

## Labels

## Definition

Arrearage refers to the amount of money that is overdue in a payment obligation, often accumulating as a result of missed or partial payments. Failure to clear arrearages can lead to penalties, higher interest rates, and legal actions such as repossession or foreclosure.

## Sub Class Of

- https://folio.openlegalstandard.org/R77rieb3DsQdxBQrzBKyb0k

**Comment:** Stemmed from Bankruptcy Project

**Deprecated:** False