Glossary
Debt settlement companies are businesses that promise to help you get rid of your debts. They usually charge you a fee to negotiate with your creditors and make a repayment plan.
In Debt and Consumer Rights, Tribunals and Courts
A debtor is someone who owes money. For example, a debtor can be someone who owes money on a mortgage, car loan, line of credit, phone bill, or credit card.
In Debt and Consumer Rights, Family Law, Tribunals and Courts, Wills and Powers of Attorney
Debts are money that a person owes, for example, a mortgage, line of credit, or car loan.
A deed is a legal document that proves you are the owner of a specific piece of land (real estate).
Being in default is when you do not do something you legally agreed to do. For example, defaulting on a loan means that you did not pay back some or all of the money that you owed in the time you were supposed to pay it.
A discharge ends the bankruptcy process. It happens when you’re released from most of your unsecured debts.
If you do not have to go to court for your discharge, it’s called an automatic discharge.
If you do have to go to court, a judge decides if you can be discharged from your bankruptcy.
In Debt and Consumer Rights, Cellphones
The termination or end of your wireless services by a service provider.