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)

References in periodicals archive ?

Late-Filed Form 1040 Not a Tax Return for Bankruptcy Discharge Exception

Analysis of and reflections on recent cases and rulings

Drain of the federal bankruptcy court in White Plains said in one opinion that debt buyers know that a bank "will refuse to correct the credit report to reflect the obligor's bankruptcy discharge, which means that the debtor will feel significant added pressure to obtain a 'clean' report by paying the debt,'' according to court documents.

Debts canceled by bankruptcy still mar consumer credit scores

Per the settlement the woman, Maria Seedorff, is entitled to receive a bankruptcy discharge of up to $325,000.

Sader Law Firm Client Obtains Student Loan Discharge In Bankruptcy That May Exceed $325,000.00

His bankruptcy discharge was denied because the judge found that he had systematically hidden assets from his creditors.

Nine lives, all used up

The Consumer Financial Protection Bureau (CFPB) has also raised concerns surrounding the private student loan industry in its 2012 report, in which the CFPB recommended potential changes for the treatment of private student loans in bankruptcy proceedings: “The absence of consumer protections on private loans comparable to that available on Federal student loans, combined with the current restriction on bankruptcy discharge, leave those private student loan borrowers who face extreme financial distress with no last resort for economic relief, even in dire circumstances, such as borrower death on cosigned loans.

Local Attorney Going to Washington to Sound Alarm on Emerging Student Load Debt Crisis, Other Key Issues

Lalonde (111) and Re Moratorium Act (112) made significant contributions about the purpose of the bankruptcy discharge.

Justice Rand's commercial law legacy: contracts and bankruptcy policies

2003) (summarizing requirements for Chapter 13 bankruptcy discharge, but recognizing general non-dischargeability of student loans).

Administrative law and procedure - student loan discharges under Chapter 13 bankruptcy and ripeness for adjudication - Educational Credit Management Corp. v. Coleman (In re Coleman)

A taxpayer who does not comply with IRC [section] 6020(a) when filing late tax returns could lose the benefit of a bankruptcy discharge of taxes due on those returns.

When a tax return is not a "return"

But we can disclose the Insolvency Service has secretly won a legal bid to have the 28-year-old's bankruptcy discharge suspended indefinitely.

You're still bankrupt Kerry told; DEBT BLOW FOR STAR

However, the Insolvency Service won a suit on July 14 under which the former Atomic Kitten's bankruptcy discharge was "suspended indefinitely".

Katona's bankruptcy status to continue

If it is, they could lose both the property and their right to a bankruptcy discharge.

What human service workers need to know about bankruptcy

If they refuse to stop their collection actions, seek relief for violating the bankruptcy discharge and for violating the Fair Debt Collection Practices Act.