Bankruptcy Meaning, Terms & Definitions in Canada and the USA
Superintendent, Trustee, Creditor, Debtor, Insolvency, Discharge, Chapters and Laws
Learning various bankruptcy definitions, meanings and facts will make it easier to understand the bankruptcy process. 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 can make it that much harder. With this knowledge you can make better sense of what to do – and with the help of a Counsellor, decide if bankruptcy is right for you.
Below 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.