discharge in bankruptcy

discharge in bankruptcy definition - business

discharge in bankruptcy

Release of a debtor from certain debts set forth in the Bankruptcy Code. Creditors of discharged debt are prohibited from taking any actions against the debtor to collect the debts.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

Comments
Improve this definition.
Do you have more to add? Share your linguistic knowledge or observation.
/Register to save your comments.