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.
References in periodicals archive ?
Debts excepted from discharge in bankruptcy are primarily based on some sort of wrongdoing on the part of the debtor.
Second, private lenders of student loans hold only approximately 5 percent of the outstanding student loan debt, however, they also appear more frequently in requests for discharge in bankruptcy proceedings.
14) As such, this type of claim is subject to discharge in bankruptcy.
The question is critical for bankruptcy professionals because if the return is not an "honest and reasonable" one, there can be no discharge in bankruptcy of federal income tax owed.
One can interpret from the court's discussion that the court believed the taxpayer had filed the late return to cast about for a discharge in bankruptcy rather than to reasonably fulfill his tax obligations.
This article addresses the notable gap in existing literature regarding the period before discharge in bankruptcy.
Joseph Cohen, Note, Congressional Intent in Excepting Alimony, Maintenance, and Support From Discharge in Bankruptcy, 21 J.
163(a), except for interest paid and accrued after a corporate debtor's discharge in bankruptcy.
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.
The effect of the discharge injunction is to void actions taken after the discharge in bankruptcy.
Bankruptcy Code Section 523(a) specifies exceptions to discharge in bankruptcy.