Discharge In Bankruptcy

Business, Legal & Accounting Glossary

Definition: Discharge In Bankruptcy

What is the dictionary definition of Discharge In Bankruptcy?

Dictionary Definition

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.

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Modern Language Association (MLA):
Discharge In Bankruptcy. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. September 22, 2021 https://payrollheaven.com/define/discharge-in-bankruptcy/.
Chicago Manual of Style (CMS):
Discharge In Bankruptcy. PayrollHeaven.com. Payroll & Accounting Heaven Ltd. https://payrollheaven.com/define/discharge-in-bankruptcy/ (accessed: September 22, 2021).
American Psychological Association (APA):
Discharge In Bankruptcy. PayrollHeaven.com. Retrieved September 22, 2021, from PayrollHeaven.com website: https://payrollheaven.com/define/discharge-in-bankruptcy/

Definition Sources

Definitions for Discharge In Bankruptcy are sourced/syndicated and enhanced from:

  • A Dictionary of Economics (Oxford Quick Reference)
  • Oxford Dictionary Of Accounting
  • Oxford Dictionary Of Business & Management

This glossary post was last updated: 27th April, 2020 | 3 Views.