Seizure Definition

In personal finances, a seizure is not what happens when you open the post-Christmas bills. Nope, it’s what happens when you don’t pay those post-Christmas bills. A few months later a nice person from the bank will arrive at your house and take back (e.g. seize) that beautiful new sporty car that has convinced your teenager that you’re not really such a monster after all.

Property seizure can result from nonpayment on a secured loan-in this case the seized property will be limited to the collateral asset specified as loan security; if it’s a house they call it foreclosure, if it’s a car they call it repossession, if it’s anything else they call it seizure. General property seizure can also be ordered by the courts but if you’re swimming in that kind of hot water you’ll already be talking to an attorney so you’ll have no need for free advice on the internet.