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Discharge in Bankruptcy |
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Discharge in Bankruptcy When a bankrupt person or company is legally free and clear of any obligation to repay certain debts. Notes: In other words, the creditor no longer has any right to collect your debt. See also: Bankruptcy, Chapter 11 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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