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discharge in bankruptcy |
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Discharge in Bankruptcy The act of a bankruptcy court forgiving the debt of the person or company that has filed for bankruptcy. A discharge in bankruptcy means that the creditors have received as much as they are going to receive and that they no longer have the right to attempt to collect on debts. discharge in bankruptcy The release of a debtor from the payment of any and all debts except those specifically approved by a bankruptcy court.How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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In Stratmore, (14) the Third Circuit, in reversing the Tax Court and other circuit precedent, held that interest accrued and paid after a corporate debtor's discharge in bankruptcy is deductible by the guarantor under Sec. Under most state exemption laws, even though access is readily available to a debtor after a discharge in bankruptcy, creditors are unable to reach the threshold to satisfy their claims. Robert Freitas, a lawyer for Coast Business Credit, Howard & Phil's largest creditor, said the new business may mean the brothers have additional capital and income to pay off the debts they are trying to discharge in bankruptcy court. |
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