discharge in bankruptcy :: legal definition
Discharge in bankruptcy - n. an order given by the bankruptcy judge, at the conclusion of all legal steps in processing a bankrupt person's assets and debts, which forgives those remaining debts which cannot be paid, with certain exceptions. Debts for fraudulent or illegal actions, alimony and child support and taxes are not dischargeable and remain owed (but often not collectible if the bankrupt person has nothing). A discharge in bankruptcy is bad news for unsecured creditors.
See also: bankruptcy and Related Law Terms ↓
Related Law Terms
account stated :: n. a statement between a creditor or the person to ... ending on the state. See also: debtafter-acquired property :: n. 1) personal or real property acquired by a debt ... lso: bankruptcy secured transaction
bankruptcy :: n. a federal system of statutes and courts which p ... y proceedings trustee in bankruptcy
bankruptcy proceedings :: n. the bankruptcy procedure is: a) filing a petiti ... ankruptcy court claim in bankruptcy
creditor's claim :: n. a claim required to be filed in writing, in a p ... e also: claim in bankruptcy probate
discharge :: v. 1) to perform one's duties. 2) to dismiss someo ... d not be paid. See also: bankruptcy
guarantee :: 1) v. to pledge or agree to be responsible for ano ... as some defect. See also: guarantor
insolvency :: n. 1) the condition of having more debts (liabilit ... the property. See also: bankruptcy
joint and several :: adj. referring to a debt or a judgment for neglige ... ution contributory negligence joint
joint liability :: n. when two or more persons are both responsible f ... See also: joinder joint and several
tools of trade :: n. in bankruptcy law, the equipment a person requi ... pay creditors. See also: bankruptcy
trustee in bankruptcy :: n. a person appointed by a bankruptcy court to sup ... f the debtors. See also: bankruptcy
Popular Law Searches
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