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discharge in bankruptcy |
Also found in: Financial, Wikipedia | 0.04 sec. |
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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) |
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In Stratmore, (14) the Third Circuit, in reversing the Tax Court and other circuit precedent, held that interest accrued and paid after a corporate debtor's discharge in bankruptcy is deductible by the guarantor under Sec. Under most state exemption laws, even though access is readily available to a debtor after a discharge in bankruptcy, creditors are unable to reach the threshold to satisfy their claims. Robert Freitas, a lawyer for Coast Business Credit, Howard & Phil's largest creditor, said the new business may mean the brothers have additional capital and income to pay off the debts they are trying to discharge in bankruptcy court. |
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discharge in bankruptcy
