Here are some definitions that may be useful to you.


All property owned by a person.


Balance sheet

In Bankruptcy, a balance sheet is an inventory of all the property owned by a person, including the receivables and obligations at a given time.



A budget summarizes all of your income and expenses, over a period of time. A budget helps you see more clearly how much money you receive, and how much you spend and save. It helps you set spending limits and live within your means. It helps you find ways to get rid of your debts, reduce costs and have more money for things that are really important to you.



An quantifiable and provable amount owed to a person or legal entity and ensuing from a contract or any other means.


Common-law partner

A person who is cohabiting with another person in a conjugal relationship for at least one year.


Credit score

It is a score given to you that reprensents your reputation regarding the reliability with which you reimburse your credit.



A physical person or legal entity who has a provable claim against a debtor.


Current assets

Current assets means cash, cash equivalents and any asset that can be sold, transformed or obtained in order to get their value in cash in the current year. It includes negotiable instruments and demand deposits, inventory or accounts receivable, or the proceeds from any dealing with those assets.


Debt consolidation

In order reduce the number of different payments to different creditors, a consolidation consists in regrouping all your debts into one loan from one bank institution or moneylender therefore having only one payment.



A person or legal entity owing a quantifiable and provable amount to a creditor.


Office of the Superintendent of Bankruptcy

The Office of the Superintendent of Bankruptcy (OSB) is responsible for supervising all estates and matters to which the Bankruptcy and Insolvency Act (BIA) applies, as well as certain matters under the Companies and Creditors Arrangement Act (CCAA). The OSB licenses and regulates the insolvency profession.



Any type of property owned by a person, whether situated in Canada or elsewhere. It includes money, goods, things in action, land and every description of property, whether real or person­al, legal or equitable, as well as obligations, easements and every description of estate, interest and profit, present or future, vested or contingent, arising out of or incident to property.


Property exempt from seizure

Property that is exempt, by law, from seizure by a trustee or a creditor. It will therefore not be included in the assets available to the creditors.



Trustees are the only ones authorized by law to administer a bankruptcy or a consumer proposal. They are licensed by the Superintendent of bankruptcy.