DISCHARGED BANKRUPTCY Meaning and
Definition
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Discharged bankruptcy refers to the legal process by which an individual or business entity is released from their financial obligations and liabilities, following the successful completion of a bankruptcy case. When someone files for bankruptcy, they are essentially seeking relief from overwhelming debt, and discharged bankruptcy signifies the end of this process.
During the bankruptcy case, a person's eligible debts are assessed and a repayment plan is created, typically under the supervision of a bankruptcy court. This plan may involve partial repayment of debts, liquidation of assets, or the restructuring of outstanding financial obligations. Once the bankruptcy court determines that the individual has met all the requirements, such as completing mandatory financial education courses and making all necessary repayments, a discharge order is issued.
A discharged bankruptcy grants the debtor a fresh start, releasing them from personal liability for most of the debts included in the bankruptcy case. The debtor is absolved from any further legal actions or attempts by creditors to collect on the discharged debts. However, it is important to note that certain obligations may not be discharged, such as student loans, tax debts, alimony, child support, and any debts obtained through fraudulent means.
This legal declaration of discharged bankruptcy allows individuals or businesses to rebuild their financial lives and make a fresh start. It is often seen as a crucial step towards regaining financial stability and getting back on track towards a healthy financial future.
Common Misspellings for DISCHARGED BANKRUPTCY
- sischarged bankruptcy
- xischarged bankruptcy
- cischarged bankruptcy
- fischarged bankruptcy
- rischarged bankruptcy
- eischarged bankruptcy
- duscharged bankruptcy
- djscharged bankruptcy
- dkscharged bankruptcy
- doscharged bankruptcy
- d9scharged bankruptcy
- d8scharged bankruptcy
- diacharged bankruptcy
- dizcharged bankruptcy
- dixcharged bankruptcy
- didcharged bankruptcy
- diecharged bankruptcy
- diwcharged bankruptcy
- disxharged bankruptcy
- disvharged bankruptcy
Etymology of DISCHARGED BANKRUPTCY
The word "discharged" in the context of bankruptcy comes from the Old French word "deschargier", which means "to unload or rid oneself". It ultimately derives from the Latin word "dis-" meaning "apart, undo" and "carricare" meaning "to load".
"Bankruptcy" comes from the Italian word "banca rotta", which means "broken bench". It refers to the medieval practice where if a money trader could not satisfy their obligations, their bench would be physically broken by the authorities to symbolize their inability to continue trading. The word later evolved to represent the state of being unable to pay debts.
So the etymology of "discharged bankruptcy" combines the idea of being freed or released (discharged) from one's financial obligations (bankruptcy).
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