Discharge in bankruptcy refers to the legal process through which a debtor is released from the obligation to repay certain debts. When an individual or entity files for bankruptcy, they are seeking relief from overwhelming financial obligations that they cannot repay. If the bankruptcy court grants a discharge, it means that the debtor is no longer legally obligated to repay debts that are eligible for discharge under bankruptcy law. However, not all debts may be discharged, and the specific debts that can be discharged depend on the type of bankruptcy filed and various other factors. Discharge typically provides debtors with a fresh start and allows them to rebuild their financial lives without the burden of unmanageable debt.
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This glossary post was last updated: 29th March, 2024.
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