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 ?
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.
Such a right is not a claim in bankruptcy and, as such, is not subject to discharge in bankruptcy.
Joseph Cohen, Note, Congressional Intent in Excepting Alimony, Maintenance, and Support From Discharge in Bankruptcy, 21 J.
Now the discharge in bankruptcy acts as an injunction against future collection efforts.
This means that if C holds an IRA, the IRS could levy on the account after her discharge in bankruptcy (Iannone, 122 T.