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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Non-dischargeable Debt


Synonyms:federal tax debt, must pay back, unavoidable debt
Filed Under: financial-banking, taxation
Tags: banking, bankruptcy, debt, taxes
 

Definition of non-dischargeable debt

non-dischargeable debt
1. A debt that cannot be eliminated in bankruptcy. Most Federal taxes is a good example.

Related Terms and Acronyms:

  • bad debt   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)   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.
  • business bankruptcy   A bankruptcy case in which the debtor is a business or an individual involved in business and the debts are for business purposes.
  • income tax   The main source of revenue for the federal government and many Provinces. The tax is based on your earned and unearned income. The amount or percentage taxed is based on the amount of income, using the governments graduated tax scale.
  • liquidation   To convert into cash.
  • receivership   A form of bankruptcy where a person is appointed to take control of a company and is responsible for recouping unpaid debts.
  • solvency   To be able to meet one's financial liabilities in the short or long term.

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