You are here

    • You are here:
    • Home > Bankruptcy and foreclosure

Bankruptcy and foreclosure

A total of 13 records were found for Bankruptcy and foreclosure
Definition: Bankruptcy is a formal process guided by law in which a debtor’s property is turned over to a trustee who manages the payment of creditors. Foreclosure is a legal process which enables a lender to repossess and resell property if a borrower has failed to keep up the repayments on a mortgage.
See also keywords:  Credit and debt


Bankruptcy law in Canada (and generally elsewhere) is governed primarily by federal law and governs the process by which individuals and companies apply to court to be relieved of their debts (except for some debts, such as secured debts or those that have arisen through fraud). Bankruptcy can be voluntary (initiated by the person in debt) or involuntary (initiated by creditors of the debtor). Includes links to online sources of further information.

Related keywords: Bankruptcy and foreclosure

This topic from provides an introduction to Bankruptcy Law in Canada and related information.

Related keywords: Bankruptcy and foreclosure

For debtors (those who owe money) and creditors (those who are owed money), OSB, a special operating agency associated with Industry Canada, makes the bankruptcy and insolvency process easier to understand by providing information.

Related keywords: Bankruptcy and foreclosure, Federal government departments