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Canadian Financial, Real Estate and Mortgage Glossary

Bankruptcy Terms

bad debtDefinition (Mortgages, Taxation, Financial-banking)
Money that cannot be collected is considered bad debt. Businesses can deduct bad debts under certain circumstances. If a bad debt is personal, it can also be deducted in some instances as a short-term capital loss.
bankruptcy (BK)Definition (Financial-banking)
A court action under the Federal Bankruptcy Code by which a debtor's debts may be discharged, usually by transferring assets to a trustee, or rescheduled.
Bankruptcy and Insolvency Act (BIA)Est. 1985, Canada
A Canadian Act respecting bankruptcy and insolvency.
bankruptcy chapter 11 (BK11)Acronym
  ➥  A US bankruptcy term.
bankruptcy chapter 13 (BK13)United States
bankruptcy chapter 7 (BK7)United States
bankruptcy trusteeDefinition (Financial-banking)
A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
business bankruptcyDefinition (Financial-banking)
A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
collateralized debt obligation (CDO)Acronym
collectionDefinition (Mortgages, Financial-banking)
The efforts used to bring an overdue mortgage, or other debt current, and the filing of necessary notices to proceed with foreclosure when necessary.
Companies' Creditors Arrangement Act (CCAA)Est. 1985, Canada
A Canadian Act to facilitate compromises and arrangements between companies and their creditors to avoid bankruptcy, foreclosure, seizure of assets or employee job loss.
  ➥  Available to insolvent corporations owing in excess of $5 million.
consumer bankruptcyDefinition (Financial-banking, Legal-contracts)
A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
consumer debtDefinition (Financial-banking)
Debts incurred for personal, as opposed to business, needs.
debtDefinition (Investments, Mortgages, Financial-banking)
Money one person or firm owes to another person or firm.
debt and debt-service reduction (DDSR)Acronym
debt consolidationDefinition (Investments, Mortgages, Financial-banking)
The replacement of multiple loans with a single loan, often with a lower monthly payment and a longer repayment period. It's also called a consolidation loan. CanEquity has access to Canada's best debt consolidation products, for more info about debt consolidation see our debt consolidation page.
debt issuesDefinition (Investments, Financial-banking)
The issuance of bonds or other forms of debt on the public markets.
Farm Debt Mediation Service (FDMS)Company, Canada
non-dischargeable debtDefinition (Taxation, Financial-banking)
Debt that cannot be eliminated in bankruptcy such as Federal taxes.
notice of foreclosure sale (NFS)Acronym
trustee sale guarantee (TSG)Acronym

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