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 ?
Michael 8c Michael Pacewicz, Settling Objections to Discharge in Bankruptcy Cases: An Unsettling Look at Very Unsettled Law, 37 Tulsa L.
Debts excepted from discharge in bankruptcy are primarily based on some sort of wrongdoing on the part of the debtor.
(14) As such, this type of claim is subject to discharge in bankruptcy.
(67) On the history of discharge: see generally Charles Jordan Tabb, 'The Historical Evolution of the Bankruptcy Discharge' (1991) 65 American Bankruptcy Law Journal 325; Ian P H Duffy, 'English Bankrupts 1571-1861' (1980) 24 American Journal of Legal History 283; Jay Cohen, 'The History of Imprisonment for Debt and Its Relation to the Development of Discharge in Bankruptcy' (1982) 3 Journal of Legal History 153.
changes in discharge in bankruptcy as important humanitarian changes
325, 371 (1991) (concluding a discussion of "the ever-present modern skirmishes over the nature and extent of the discharge in bankruptcy").
The court cited Stephenson, (23) which determined the phrase "incurred to pay a tax" as used in Section 523 means the debt was incurred "for the purpose of paying Federal or state taxes." Otherwise, the court reasoned, the exceptions to discharge in bankruptcy would become open invitations to attempt to trace all bank loans to unpaid payroll taxes regardless of how and when the debt was originally incurred.
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.
This article addresses the notable gap in existing literature regarding the period before discharge in bankruptcy. Its first objective is to analyse critically the Australian experience of early discharge between 1991 and 2002.
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.
The effect of the discharge injunction is to void actions taken after the discharge in bankruptcy. Section 524(a)(2) enjoins the commencement or continuation of any action to collect or recover the discharged debt, releases the debtor from any legal duty to repay the obligation, and renders the debt uncollectible by any legal process.