Glossary - Debt and Consumer Rights
Public records are documents or information that anyone can search for and find.
For example, when you file for bankruptcy, this information becomes a “public record”. Consumer reporting agencies, like Equifax and TransUnion, get this information. And anyone else can pay a small fee and do a search to find bankruptcy records.
A refurbished phone or device is one that the company has fixed up to re-sell. Usually the device was owned by someone else and given back to the company.
A Registered Education Savings Plan (RESP) is a special account you can use to save money for your child’s university, college, or trade school education.
You might get some tax benefits by saving money in this type of account. There are also rules you must follow to put money in the account.
A Registered Retirement Savings Plan (RRSP) is a special account you can use to save money for your retirement. It is sometimes also called an RSP or Retirement Savings Plan.
You might get some tax benefits by saving money in this type of account. There are also rules you must follow to put money in the account.
A secured creditor is any person or business that holds collateral for money you owe them. For example, a mortgage lender is a secured creditor because they hold your house as security for the loan, and can take your house if you do not pay your mortgage loan.
A secured debt is when you owe money to a person or business that is guaranteed with collateral. For example, a car loan is a secured debt because your lender can take your car if you do not pay back the loan.
You settle a debt when you reach an agreement with your creditor about repayment which will end the debt once you have made the agreed payments.
In Criminal Law, Debt and Consumer Rights
Small Claims Court is a court that hears cases that involve sums of $35,000 or less. You can sue or be sued by a person or a business in Small Claims Court. You do not need a lawyer to go to Small Claims Court, but it is better to get legal help.
Surplus Income Guidelines say how much money someone who’s filed for bankruptcy or their family can earn before they have to make surplus income payments. The money that a family or person makes over the guidelines is called surplus income.
The guidelines change each year based on what the government sets as the cost of living.
When you file for bankruptcy, you may have to make what are called monthly “surplus income payments” if you or your family earn more money than what the Surplus Income Guidelines say you can make.
These payments go to a Licensed Insolvency Trustee, who uses them to pay your creditors.
