Secured debt is a type of loan backed by collateral, such as a house, car, or other valuable asset. If the borrower defaults, the lender can seize the collateral to recover the debt. 

Insolvency refers to a financial state where an individual or business is unable to meet their debt obligations as they come due. It is not a legal process but an indicator of financial distress. 

Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This simplifies payments and may reduce overall financial strain. 

A discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by the law.

Signs of good financial health can include, but are not limited to: Having a budget and sticking to it Regularly saving money Keeping debt levels manageable Having an emergency fund for unexpected expenses Having a plan for achieving financial goals like buying a home or saving for retirement is also important.

The Certificate of Full Performance has the same effect as a discharge from bankruptcy. You are now released from legal obligation to repay the debts you had as of the date you filed your Proposal, except for specific types of debts that are excluded by the law.

Alimony or child support payments. Student loans (if you stopped being a student less than seven years ago). Debts arising from fraud. There are other debts as well, but it is best to speak with a Licensed Insolvency Trustee to discuss your exact situation.