UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): December 30, 2010

Asset Acceptance Capital Corp.

(Exact name of Registrant as specified in its charter)

28405 Van Dyke Avenue

Warren, MI 48093

(Address of principal executive offices)

Registrant’s telephone number, including area code: (586) 939-9600

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Item 2.05 Costs Associated with Exit or Disposal Activities.

In order to shed underperforming operations and to become more efficient, Asset Acceptance Capital Corp. (the “Company”) committed on December 30, 2010 to close its Cleveland, Ohio collections office. Once substantially completed, the closing of the office will reduce the Company’s operating expenses by approximately $3.0 million per year.

In connection with closing the Cleveland collections office, the Company will incur approximately $1.5 million in restructuring charges, or $0.03 per fully diluted share after the effect of taxes. Restructuring charges include employee termination benefits of approximately $0.9 million, contract termination costs of approximately $0.4 million for the remaining lease payments on the Cleveland, Ohio office, accelerated depreciation of $0.1 million and other exit costs of approximately $0.1 million. The employee termination benefits, contract termination costs and other exit costs will require the outlay of cash of approximately $1.4 million, while the accelerated depreciation of $0.1 million represents non-cash charges.

These actions are expected to be substantially complete by January 31, 2011.

The estimated amounts concerning the anticipated costs, accounting charges and annual cost savings constitute forward-looking statements and are based on management’s expectations and beliefs concerning future events affecting the Company. The actual costs, accounting charges and savings resulting from these events may differ from what has been estimated. Please refer to “Part I, Item 1A-Risk Factors” of our most recent Annual Report on Form 10-K and our other SEC filings for a further discussion regarding our exposure to risks and uncertainties.

Item 8.01. Other Events.

On December 30, 2010, the Company issued a press release announcing, among other things, the termination of a relationship with a third party service provider that results in a charge of approximately $5.3 million, or $0.10 per fully diluted share after the effect of taxes, during the fourth quarter 2010.

A copy of the press release is attached hereto as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

The following exhibits are furnished herewith:

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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