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 ?
20) Likewise, although there should be a per se exception to discharge, HCCs should be afforded similar, limited bankruptcy discharge.
One such way to provide a more transparent determination for treatment of student loan debt in bankruptcy discharge is by repealing the undue hardship requirement and creating a bright-line rule for the courts that distinguishes federal student loan debt from private student loan debt for courts to follow.
Lalonde (111) and Re Moratorium Act (112) made significant contributions about the purpose of the bankruptcy discharge.
2003) (summarizing requirements for Chapter 13 bankruptcy discharge, but recognizing general non-dischargeability of student loans).
A taxpayer who does not comply with IRC [section] 6020(a) when filing late tax returns could lose the benefit of a bankruptcy discharge of taxes due on those returns.
But we can disclose the Insolvency Service has secretly won a legal bid to have the 28-year-old's bankruptcy discharge suspended indefinitely.
However, the Insolvency Service won a suit on July 14 under which the former Atomic Kitten's bankruptcy discharge was "suspended indefinitely".
If it is, they could lose both the property and their right to a bankruptcy discharge.
If they refuse to stop their collection actions, seek relief for violating the bankruptcy discharge and for violating the Fair Debt Collection Practices Act.
The bankruptcy discharge offers debtors immediate relief from current debts but, to experience what people have heard of as a 'fresh start,' that may take longer than they expect or would like.
The video is a basic overview of a bankruptcy case, from what to consider before you file a bankruptcy to how to enforce the protection granted by a bankruptcy discharge.
Dawsey and Ausabel (2004) find a negative correlation between state garnishment restrictions and the total number of bankruptcy filings and suggest that since about half of all credit card charge offs occur without a bankruptcy discharge, garnishment can be viewed as a form of informal bankruptcy.
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