discharge in bankruptcy
- An order given by a judge in a bankruptcy court, at the conclusion of all legal steps in processing a bankrupt person's assets and debts, which forgives (i.e., discharges) those remaining debts that cannot be paid-with exceptions. Debts for fraudulent or illegal actions, alimony and child support, and taxes are not dischargeable and remain owed (which does not mean they can be collected).
Business law dictionary. 2015.
Look at other dictionaries:
discharge in bankruptcy — n. The release of a bankrupt person from his or her debts. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. discharge in bankruptcy … Law dictionary
discharge from bankruptcy — ➔ bankruptcy … Financial and business terms
discharge in bankruptcy — UK US noun [U] (UK FINANCE, LAW ► an order from a court that allows someone who is legally bankrupt to stop owing money for particular debts: »Although a bankrupt’s name may be removed from the register within a year after discharge from… … Financial and business terms
discharge in bankruptcy — /ˌdɪstʃɑ:dʒ ɪn bæŋkrʌptsi/, discharge of bankruptcy noun the legal process of being released from bankruptcy after paying your debts … Dictionary of banking and finance
discharge in bankruptcy — The release of a bankrupt from all of his debts which are provable in bankruptcy, except such as are excepted from discharge by the Bankruptcy Acts Bankruptcy Act § 1(15); 11 USC § 1(15) … Ballentine's law dictionary
Discharge In Bankruptcy — When a bankrupt person or company is legally free and clear of any obligation to repay certain debts. In other words, the creditor no longer has any right to collect an outstanding debt from the person declaring bankruptcy … Investment dictionary
discharge of bankruptcy — The termination of bankruptcy proceedings, resulting in cancellation of the debtor s obligations. Bloomberg Financial Dictionary … Financial and business terms
discharge — An order from the Bankruptcy Court releasing the debtor from any and all dischargeable debts which arose prior to the petition date (SA Bankruptcy.com) The legal elimination of debt through a bankruptcy case. When a debt is discharged, it is no… … Glossary of Bankruptcy
discharge of bankrupt — For bankrupts who do not qualify for the automatic discharge, the trustee is required within one year from the beginning of the bankruptcy to apply to the court for a hearing of the application for a discharge. The court official has several… … Glossary of Bankruptcy
discharge of indebtedness — the satisfaction or elimination of the debts of the debtor by the bankruptcy court (Glossary of Common Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 … Glossary of Bankruptcy