{"id":28031,"date":"2020-12-09T18:06:44","date_gmt":"2020-12-09T18:06:44","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=28030"},"modified":"2024-10-18T08:15:51","modified_gmt":"2024-10-18T15:15:51","slug":"bankruptcy-definitions-glossary","status":"publish","type":"page","link":"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary","title":{"rendered":"Bankruptcy Definitions &#8211; Understanding the Process | Canada &#038; USA"},"content":{"rendered":"<p>[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Banner Image with Heading and Text&#8221; module_class=&#8221;vertical-align&#8221; _builder_version=&#8221;4.16&#8243; background_color=&#8221;#e7dff3&#8243; use_background_color_gradient=&#8221;on&#8221; background_color_gradient_type=&#8221;circular&#8221; background_color_gradient_stops=&#8221;rgba(91,37,175,0.44) 15%|rgba(91,37,175,0) 70%&#8221; background_color_gradient_overlays_image=&#8221;on&#8221; background_color_gradient_start=&#8221;rgba(91,37,175,0.44)&#8221; background_color_gradient_start_position=&#8221;15%&#8221; background_color_gradient_end=&#8221;rgba(91,37,175,0)&#8221; background_color_gradient_end_position=&#8221;70%&#8221; background_image=&#8221;\/wp-content\/uploads\/2020\/06\/struggling-with-debt_hero.jpg&#8221; min_height=&#8221;550px&#8221; bottom_divider_style=&#8221;wave2&#8243; bottom_divider_color=&#8221;#ffffff&#8221; bottom_divider_height_tablet=&#8221;70px&#8221; bottom_divider_height_phone=&#8221;50px&#8221; bottom_divider_height_last_edited=&#8221;on|phone&#8221; background_last_edited=&#8221;on|phone&#8221; background_size_phone=&#8221;cover&#8221; background_position_tablet=&#8221;top_center&#8221; background_position_phone=&#8221;top_center&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row custom_padding_last_edited=&#8221;on|phone&#8221; admin_label=&#8221;Row&#8221; _builder_version=&#8221;4.16&#8243; background_enable_image=&#8221;off&#8221; max_width=&#8221;100%&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;||80px||false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; global_colors_info=&#8221;{}&#8221;][et_pb_text admin_label=&#8221;Heading&#8221; _builder_version=&#8221;4.16&#8243; text_font=&#8221;|600|||||||&#8221; text_font_size=&#8221;42px&#8221; text_line_height=&#8221;1em&#8221; text_orientation=&#8221;center&#8221; background_layout=&#8221;dark&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||26px|||&#8221; animation_direction=&#8221;top&#8221; text_text_shadow_style=&#8221;preset2&#8243; global_colors_info=&#8221;{}&#8221;]Common Bankruptcy Terms Defined[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h1>Bankruptcy Meaning, Terms &amp; Definitions in Canada and the USA<\/h1>\n<p><em>Superintendent, Trustee, Creditor, Debtor, Insolvency, Discharge, Chapters and Laws<\/em><\/p>\n<p>Learning various <strong>bankruptcy definitions, meanings<\/strong> and facts will make it easier to understand the <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-process-steps\">bankruptcy process<\/a>. In this section we explore what you should know about bankruptcy and answer common questions specifically relating to various terminology. Finding ways to deal with your debts can already be hard enough. Not knowing what the terms describing the process mean&nbsp;can make it that much harder. With this knowledge you can make better sense of what to do &#8211; and with the help of a Counsellor,&nbsp;<a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/do-you-need-to-claim-declare-file-apply-for-bankruptcy-go-bankrupt-step-1\">decide if bankruptcy is right for you<\/a>.<\/p>\n<p>Below are some of the terms and phrases that most people aren&#8217;t very familiar with. It can also be confusing to know which terms apply in Canada and which apply in the States.&nbsp;[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; custom_padding_last_edited=&#8221;on|phone&#8221; prev_background_color=&#8221;#ffffff&#8221; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; background_color=&#8221;#e7dff3&#8243; custom_padding=&#8221;180px||120px||false|false&#8221; custom_padding_tablet=&#8221;160px||115px||false|false&#8221; custom_padding_phone=&#8221;120px||110px||false|false&#8221; top_divider_style=&#8221;wave2&#8243; top_divider_height_tablet=&#8221;&#8221; top_divider_height_phone=&#8221;&#8221; top_divider_height_last_edited=&#8221;on|phone&#8221; bottom_divider_style=&#8221;wave2&#8243; bottom_divider_color=&#8221;#e7dff3&#8243; bottom_divider_flip=&#8221;horizontal&#8221; bottom_divider_height_tablet=&#8221;80px&#8221; bottom_divider_height_phone=&#8221;50px&#8221; bottom_divider_height_last_edited=&#8221;on|phone&#8221; da_disable_devices=&#8221;off|off|off&#8221; global_colors_info=&#8221;{}&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221;][et_pb_row _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;][et_pb_text _builder_version=&#8221;4.16&#8243; _module_preset=&#8221;default&#8221; global_colors_info=&#8221;{}&#8221;]<\/p>\n<h2>Common Bankruptcy Terms in Canada and&nbsp;the States<\/h2>\n<p>Follow each link to&nbsp;learn more about each term and how it applies to the bankruptcy process:<\/p>\n<ul>\n<li><strong><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/office-of-superintendent-of-bankruptcy-osb\">Office of the Superintendent of Bankruptcy<\/a><\/strong><\/li>\n<li><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\/what-is-a-bankruptcy-trustee-debtor-creditor\"><strong>Bankruptcy Trustee<\/strong>, Debtor and Creditor<\/a><\/li>\n<li><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\/bankruptcy-vs-insolvency-difference\">Bankruptcy vs <strong>Insolvency<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/what-does-bankruptcy-discharge-mean\">Bankruptcy <strong>Discharge<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\/bankruptcy-usa-laws-lawyer-chapters-7-11-13\"><strong>Chapters<\/strong> 7, 11 and 13 &#8211; <strong>Bankruptcy Laws in the USA<\/strong><\/a><\/li>\n<\/ul>\n<p>If you would like a bankruptcy definition added to this section, please <a href=\"mailto:info@nomoredebts.org\">email us<\/a>.<\/p>\n<h2>Get Help Dealing with Your Debts &#8211; Filing for Bankruptcy is One of Many Options<\/h2>\n<p>Knowing about the <strong>bankruptcy terms and definitions<\/strong> can help you understand the <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-process-steps\" target=\"_blank\" rel=\"noopener noreferrer\">bankruptcy process<\/a>. However, if you have questions about your own situation, and if bankruptcy will help you deal with your debts, make an appointment to speak with one of our <strong>Credit Counsellors<\/strong>.&nbsp;<\/p>\n<p>They will answer your questions and provide you with guidance and information so that you can make an informed decision.&nbsp;There are also many <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-alternatives-consumer-proposal-consolidation-settlement-dmp\" target=\"_blank\" rel=\"noopener noreferrer\">alternatives to bankruptcy<\/a> that you can explore with your Counsellor.<\/p>\n<h3>Free Credit Counselling &#8211; Learning Bankruptcy Definitions<\/h3>\n<p>Our appointments are free, confidential and don\u2019t obligate you to anything. Knowing how to handle your situation will give you peace of mind and ease your money worries. We&#8217;re happy to help you and will give you all of the tools to decide if bankruptcy is right for you.<\/p>\n<p>Understanding the <strong>definitions and meanings of bankruptcy<\/strong>&nbsp;terms is just one small part. <strong>Make an appointment today<\/strong> to speak with a Counsellor over the phone or in person, whatever is easier for you. <a href=\"https:\/\/nomoredebts.org\/contact-us\">Contact us<\/a> today by <a href=\"mailto:info@nomoredebts.org\">email<\/a>, toll free at 1-888-527-8999 or <a href=\"https:\/\/nomoredebts.org\/contact-us\" target=\"_blank\" rel=\"noopener noreferrer\">chat with us online<\/a> right now.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Learning various bankruptcy definitions, meanings and facts will make it easier to understand the bankruptcy process. Here are some common terms to know. <\/p>\n","protected":false},"author":3,"featured_media":0,"parent":8642,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"[et_pb_section fb_built=\"1\" admin_label=\"Banner Image with Heading and Text\" module_class=\"vertical-align\" _builder_version=\"4.5.3\" background_color=\"#e7dff3\" use_background_color_gradient=\"on\" background_color_gradient_start=\"rgba(91,37,175,0.44)\" background_color_gradient_end=\"rgba(91,37,175,0)\" background_color_gradient_type=\"radial\" background_color_gradient_start_position=\"15%\" background_color_gradient_end_position=\"70%\" background_color_gradient_overlays_image=\"on\" background_image=\"\/wp-content\/uploads\/2020\/06\/struggling-with-debt_hero.jpg\" min_height=\"550px\" bottom_divider_style=\"wave2\" bottom_divider_color=\"#e7dff3\" bottom_divider_height_tablet=\"70px\" bottom_divider_height_phone=\"50px\" bottom_divider_height_last_edited=\"on|phone\" background_last_edited=\"on|phone\" background_size_phone=\"cover\" background_position_tablet=\"top_center\" background_position_phone=\"top_center\"][et_pb_row custom_padding_last_edited=\"on|phone\" admin_label=\"Row\" _builder_version=\"4.4.2\" background_enable_image=\"off\" max_width=\"100%\" custom_margin=\"||||false|false\" custom_padding=\"||80px||false|false\" custom_padding_tablet=\"\" custom_padding_phone=\"\"][et_pb_column type=\"4_4\" _builder_version=\"4.4.2\"][et_pb_text admin_label=\"Heading\" _builder_version=\"4.5.3\" text_font=\"|600|||||||\" text_font_size=\"42px\" text_line_height=\"1em\" text_orientation=\"center\" background_layout=\"dark\" module_alignment=\"center\" custom_margin=\"||26px|||\" animation_direction=\"top\" text_text_shadow_style=\"preset2\"]Common Bankruptcy Terms Defined[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\t[et_pb_section fb_built=\"1\" _builder_version=\"4.6.5\" _module_preset=\"default\"][et_pb_row _builder_version=\"4.6.5\" _module_preset=\"default\"][et_pb_column _builder_version=\"4.6.5\" _module_preset=\"default\" type=\"4_4\"][et_pb_text _builder_version=\"4.6.5\" _module_preset=\"default\" hover_enabled=\"0\" sticky_enabled=\"0\"]\r\n<h1>Bankruptcy Meaning, Terms & Definitions in Canada and the USA<\/h1>\r\n<em>Superintendent, Trustee, Creditor, Debtor, Insolvency, Discharge, Chapters and Laws<\/em>\r\n\r\nLearning various <strong>bankruptcy definitions, meanings<\/strong> and facts will make it easier to understand the <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcybankruptcy-process-steps-1-10\">bankruptcy process<\/a>. In this section we explore what you should know about bankruptcy and answer common questions specifically relating to various terminology. Finding ways to deal with your debts can already be hard enough. Not knowing what the terms describing the process mean\u00a0can make it that much harder. With this knowledge you can make better sense of what to do - and with the help of a Counsellor,\u00a0<a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcydo-you-need-to-claim-declare-file-apply-for-bankruptcy-go-bankrupt-step-1\">decide if bankruptcy is right for you<\/a>.\r\n\r\nBelow are some of the terms and phrases that most people aren't very familiar with. It can also be confusing to know which terms apply in Canada and which apply in the States.\u00a0\r\n\r\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=\"1\" custom_padding_last_edited=\"on|phone\" _builder_version=\"4.6.5\" _module_preset=\"default\" background_enable_color=\"off\" custom_padding=\"||120px||false|false\" custom_padding_tablet=\"||115px||false|false\" custom_padding_phone=\"||110px||false|false\" top_divider_height_tablet=\"95px\" top_divider_height_phone=\"65px\" top_divider_height_last_edited=\"off|desktop\" bottom_divider_style=\"wave2\" bottom_divider_color=\"#e7dff3\" bottom_divider_flip=\"horizontal\" bottom_divider_height_tablet=\"80px\" bottom_divider_height_phone=\"50px\" bottom_divider_height_last_edited=\"on|phone\" hover_enabled=\"0\" sticky_enabled=\"0\"][et_pb_row _builder_version=\"4.6.5\" _module_preset=\"default\"][et_pb_column type=\"4_4\" _builder_version=\"4.6.5\" _module_preset=\"default\"][et_pb_text _builder_version=\"4.6.5\" _module_preset=\"default\"]\r\n<h2>Common Bankruptcy Terms in Canada and\u00a0the States<\/h2>\r\nFollow each link to\u00a0learn more about each term and how it applies to the bankruptcy process:\r\n<ul>\r\n \t<li><strong><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcyoffice-of-superintendent-of-bankruptcy-osb\">Office of the Superintendent of Bankruptcy<\/a><\/strong><\/li>\r\n \t<li><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcybankruptcy-definitions-glossary\/what-is-a-bankruptcy-trustee-debtor-creditor\"><strong>Bankruptcy Trustee<\/strong>, Debtor and Creditor<\/a><\/li>\r\n \t<li><a href=\"https:\/\/nomoredebts.org\/bankruptcy-canada\/bankruptcy-definitions-glossary\/bankruptcy-vs-insolvency-difference\">Bankruptcy vs <strong>Insolvency<\/strong><\/a><\/li>\r\n \t<li><a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcywhat-does-bankruptcy-discharge-mean\">Bankruptcy <strong>Discharge<\/strong><\/a><\/li>\r\n \t<li><a href=\"https:\/\/nomoredebts.org\/bankruptcy-canada\/bankruptcy-definitions-glossary\/bankruptcy-usa-laws-lawyer-chapters-7-11-13\"><strong>Chapters<\/strong> 7, 11 and 13 - <strong>Bankruptcy Laws in the USA<\/strong><\/a><\/li>\r\n<\/ul>\r\nIf you would like a bankruptcy definition added to this section, please <a href=\"mailto:info@nomoredebts.org\">email us<\/a>.\r\n<h2>Get Help Dealing with Your Debts - Filing for Bankruptcy is One of Many Options<\/h2>\r\nKnowing about the <strong>bankruptcy terms and definitions<\/strong> can help you understand the <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcybankruptcy-process-steps-1-10\" target=\"_blank\">bankruptcy process<\/a>. However, if you have questions about your own situation, and if bankruptcy will help you deal with your debts, make an appointment to speak with one of our <strong>Credit Counsellors<\/strong>.\u00a0\r\n\r\nThey will answer your questions and provide you with guidance and information so that you can make an informed decision.\u00a0There are also many <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcybankruptcy-alternatives-consumer-proposal-consolidation-settlement-dmp\" target=\"_blank\">alternatives to bankruptcy<\/a> that you can explore with your Counsellor.\r\n<h3>Free Credit Counselling - Learning Bankruptcy Definitions<\/h3>\r\nOur appointments are free, confidential and don\u2019t obligate you to anything. Knowing how to handle your situation will give you peace of mind and ease your money worries. We're happy to help you and will give you all of the tools to decide if bankruptcy is right for you.\r\n\r\nUnderstanding the <strong>definitions and meanings of bankruptcy<\/strong>\u00a0terms is just one small part. <strong>Make an appointment today<\/strong> to speak with a Counsellor over the phone or in person, whatever is easier for you. <a href=\"https:\/\/nomoredebts.org\/contact-us\">Contact us<\/a> today by <a href=\"mailto:info@nomoredebts.org\">email<\/a>, toll free at 1-888-527-8999 or <a href=\"https:\/\/nomoredebts.org\/contact-us\" target=\"_blank\">chat with us online<\/a> right now.\r\n\r\n[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]","_et_gb_content_width":"","_lmt_disableupdate":"no","_lmt_disable":"","footnotes":""},"class_list":["post-28031","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankruptcy Definitions - Understanding the Process | Canada &amp; USA<\/title>\n<meta name=\"description\" content=\"Learning various bankruptcy definitions, meanings and facts will make it easier to understand the bankruptcy process. Here are some common terms to know.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankruptcy Definitions - Understanding the Process | Canada &amp; USA\" \/>\n<meta property=\"og:description\" content=\"Learning various bankruptcy definitions, meanings and facts will make it easier to understand the bankruptcy process. Here are some common terms to know.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\" \/>\n<meta property=\"og:site_name\" content=\"Credit Counselling Society\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nomoredebts\" \/>\n<meta property=\"article:modified_time\" content=\"2024-10-18T15:15:51+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@CrdtCounselSoc\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bankruptcy Definitions - Understanding the Process | Canada & USA","description":"Learning various bankruptcy definitions, meanings and facts will make it easier to understand the bankruptcy process. 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