Glossary
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.
In Debt and Consumer Rights, Tribunals and Courts
Equity is the value of your asset after you subtract how much you owe on it. For example, the equity you have in your house is the amount of money you would get if you sold your house and paid off all your debts on the house, like your mortgage. If your house is worth $200,000, and you have a mortgage of $150,000, the equity you have in your house is $50,000.
An estimate is a best guess that you make, based on the information that you have. For example a car repair shop can give a client an estimate of what it would cost to fix their car after they have taken a look at it. Sometimes, the law gives you the right to not be charged much more than the estimate someone gives you.
Fraud is when you lie, cheat, improperly use someone else’s personal information, or break the law to get money or a personal benefit. Committing fraud is a crime.
If you have debts that you owe because of fraud, you cannot get rid of them by filing for bankruptcy. For example, if you lie to a bank about your income to get a credit card and do not pay for what you bought with it, you still have to pay your credit card balance after your bankruptcy has been discharged.
In Abuse and Family Violence, Elder abuse, Debt and Consumer Rights
Frauds and scams are crimes where people lie, cheat, use someone else’s personal information, or break the law to get money or something for themselves.
Common examples are identity theft, credit card fraud, email and online fraud, and phone and door-to-door sales scams.
In Debt and Consumer Rights, Employment and Work, Tribunals and Courts
Garnishment is one option for getting money from someone if they did not obey a court order to pay you. To do this, you have to fill out forms and follow the rules of the court that apply to this process.
You might be able to get money from:
- someone’s bank account
- payments they get, like rent cheques from a tenant
- their wages if they’re employed
There are some things that usually cannot be garnished, like:
- employment insurance
- social assistance
- pensions (unless the creditor is a government agency)
A guarantor is a person or business who agrees to pay your debt if you do not. For example, you may need a guarantor for an apartment lease. If you don’t pay the rent on time, your guarantor has to pay the rent instead.
Identity theft is when someone uses your identity without your permission. For example, an identity thief may use your SIN number, credit cards, or name and personal information. Often, identity theft is used to steal money, buy things, or open accounts in your name. There are many ways that your identity can be stolen.
In Debt and Consumer Rights, Housing Law
Interest is a percentage fee that you pay to your creditor in exchange for the money they lend, or that you pay because you didn’t pay a bill on time. For example, you might be charged interest each month on a student loan, credit card balance, or mortgage. In addition to interest, you may also have to pay other late fees.
The amount of interest that is charged each month is usually a set percentage of the money you have been lent. The percentage is called an “interest rate”.