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discharge in bankruptcy |
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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 collectable if the bankrupt person has nothing). A discharge in bankruptcy is bad news for unsecured creditors. (See: bankruptcy) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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BAP '05 Section 312(1) also extends the period that a debtor who has previously obtained a bankruptcy discharge must wait before being eligible to obtain another, from six years to eight. Before filing for bankruptcy, consumers are required to complete a pre-filing counseling session; and before receiving a bankruptcy discharge, debtors are required to complete "an instructional course concerning personal financial management. Thus, if a guarantor wishes to make a claim against a principal debtor, he or she has to do so before a bankruptcy discharge. |
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