money and financial problems

Arrears are accumulated debts that have not yet been paid upon the due date. For instance, if someone falls $5000 behind in paying for their mortgage, then they have built up $5000 in arrears.

See also: arrearages.

A party who intentionally sets fire to their property with the purpose of collecting insurance money on that property is guilty of arson with the intent to defraud an insurer. Arson with the intent to defraud an insurer is a state law offense and can either be included within the general arson statute or exist as its own charge. 

• criminal law and procedure

Automatic stay is defined in two parts: 

Back pay refers to compensation for work that was either already performed or work that could have been performed if not for the interference of another party. 

• labor and employment law

Bad faith refers to dishonesty or fraud in a transaction. Depending on the exact setting, bad faith may mean a dishonest belief or purpose, untrustworthy performance of duties, neglect of fair dealing standards, or a fraudulent intent.

A bondsman is a person who guarantees a bond. Bondsmen are most frequently seen in the context of bail bondsman for criminal defendants. 

A bailee is a person who receives property from the owner, known as a bailor, and holds the property for the owner for a particular purpose such as custody or repair. Some examples of this include storage companies that hold people’s belongings, a dry cleaner holding someone’s clothing, and a mechanic holding someone’s car for repair.

• property

A bailout is the rescue of an entity that is in financial trouble through the injection of capital. Although the resources for a bailout may come from a business, individual or government (the 1907 bailout of the financial sector by the individual J.P.

Balance due is the amount owed on a previous statement for which payment has been required but not been made. It is usually manifested as the amount of a debt still owed on an account or the principal outstanding on a promissory note. Balance due generally does not contain interest that has not accrued.

A balance sheet is a financial statement that consists of a three-part summary of a company's assets, liabilities, and ownership equity at a particular instance in time. It is intended to show the financial condition of a company at that time.