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Canadian Financial, Real Estate and Mortgage Glossary
- bad debt — Definition (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 trustee — Definition (Financial-banking)
- A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
- business bankruptcy — Definition (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
- collection — Definition (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 bankruptcy — Definition (Financial-banking, Legal-contracts)
- A bankruptcy case filed to reduce or eliminate debts that are primarily consumer debts.
- consumer debt — Definition (Financial-banking)
- Debts incurred for personal, as opposed to business, needs.
- debt — Definition (Investments, Mortgages, Financial-banking)
- Money one person or firm owes to another person or firm.
- debt and debt-service reduction (DDSR) — Acronym
- debt consolidation — Definition (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 issues — Definition (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 debt — Definition (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
Search the Glossary
- Debt Consolidation
- Debt Issues
- Non-dischargeable Debt
- Consumer Bankruptcy
- Bankruptcy Trustee
- Business Bankruptcy
- Bad Debt
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