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)

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References in periodicals archive ?
It states that, absent undue hardship, a bankruptcy discharge does not eliminate the debtor's need to repay certain debts.
Although both plaintiff and Edem are residents of Virginia, the removing defendants contend that he is a nominal party by virtue of his bankruptcy discharge, and thus his citizenship can be ignored for purposes of establishing jurisdiction.
Bankruptcy Discharge Injunction; Contempt; Preclusive Effect
Where a town sought a declaration that its judgment for specific performance against a debtor was not subject to bankruptcy discharge, the town's right to performance is not a "debt" because it is not a right to payment, and therefore not dischargeable in bankruptcy.
The scope of the bankruptcy discharge depends on the chapter under which the case is filed and the nature of the debt.
The bankruptcy discharge releases the debtor's personal obligation, their "in personam" liability to pay the debts.
River Place's right to payment for post-petition assessments did not arise pre-petition and was not extinguished by Rosenfeld's bankruptcy discharge. (7)
The latter, initiated at a moment when PSLs were certainly dischargeable in bankruptcy, apparently comprised within their cost a superior risk premium (Nica and Potcovaru, 2015) to reimburse lenders for the unrestricted convenience of the bankruptcy discharge. Pre-BAPCPA, borrowers most probably had to cover the cost of this premium.
Conway received her Chapter 7 bankruptcy discharge in 2010, but the discharge did not include any of her outstanding student loan debt.
(20) Likewise, although there should be a per se exception to discharge, HCCs should be afforded similar, limited bankruptcy discharge. (21) This Note's conclusion reiterates the commonalities between HCCs and student loans, emphasizing their proposed similar bankruptcy dischargeability under limited circumstances.
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.
the bankruptcy discharge removes it almost entirely.
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