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Discharge in Bankruptcy

   Also found in: Legal, Wikipedia 0.04 sec.
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.



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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.
Repayments of business debt after business ceases by Norman, John M. / The Tax Adviser
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.
Safe keeping: advance planning can protect the cash surrender values ... by Hansen, Kenneth A. / Best's Review
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.
MCKEON BROTHERS JOIN UPSCALE FURNITURE DEALER by Daily News (Los Angeles, CA)
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