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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. 

Common Bankruptcy Terms in Canada and the States

Follow each link to learn more about each term and how it applies to the bankruptcy process:

​​If you would like a bankruptcy definition added to this section, please email us.

Get Help Dealing with Your Debts - Filing for Bankruptcy is One of Many Options

Knowing about the bankruptcy terms and definitions can help you understand the bankruptcy process. 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 Credit Counsellors

They will answer your questions and provide you with guidance and information so that you can make an informed decision. There are also many alternatives to bankruptcy that you can explore with your Counsellor.

Free Credit Counselling - Learning Bankruptcy Definitions

Our appointments are free, confidential and don’t 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.

Understanding the definitions and meanings of bankruptcy terms is just one small part. Make an appointment today to speak with a Counsellor over the phone or in person, whatever is easier for you. Contact us today by email, toll free at 1-888-527-8999 or chat with us online right now.