discharge of bankrupt
discharge of bankrupt
For bankrupts who do not qualify for the automatic discharge, the trustee is required within one year from the beginning of the bankruptcy to apply to the court for a hearing of the application for a discharge.
The court official has several options from which to choose. At the hearing, the court decides whether to postpone the hearing to a later date, refuse the discharge, or issue any of the following orders:
@ order of absolute discharge
Order of absolute discharge which relieves the bankrupt of the debts incurred before the bankruptcy, except for the exceptions provided in the Act.
@ order of conditional discharge
Order of conditional discharge where certain conditions must be met before an absolute order of discharge is issued.
@ order of suspended discharge
Order of suspended discharge where the court orders a delay before the discharge becomes effective. (Dictionary of Canadian Bankruptcy Terms)
@

United Glossary of Bankruptcy Terms 2012.


Glossary of Bankruptcy.

Look at other dictionaries:

  • examination of bankrupt — An examination provided by the Bankruptcy Act at which the bankrupt is required to submit, under oath, to questioning concerning the conduct of his business, the cause of his bankruptcy, his dealings with his creditors and other persons, the… …   Ballentine's law dictionary

  • discharge — dis·charge 1 /dis chärj, dis ˌchärj/ vt 1: to release from an obligation: as a: to relieve of a duty under an instrument (as a contract or a negotiable instrument); also: to render (an instrument) no longer enforceable a formal instrument...may… …   Law dictionary

  • discharge — (1) The action of releasing a lien or the document in which the creditor relinquishes a lien. Also known as a satisfaction, a release, a reconveyance, or an extinguishment. However, release tends to be used in connection with both real and… …   Financial and business terms

  • discharge — noun / dɪstʃɑ:dʒ/ 1. a payment of debt ♦ in full discharge of a debt as full payment of a debt 2. ♦ in discharge of her duties as director while carrying out her duties as director ■ verb /dɪs tʃɑ:dʒ/ 1. ♦ to discharge a bankrupt to release… …   Dictionary of banking and finance

  • discharge in bankruptcy — n. The release of a bankrupt person from his or her debts. The Essential Law Dictionary. Sphinx Publishing, An imprint of Sourcebooks, Inc. Amy Hackney Blackwell. 2008. discharge in bankruptcy …   Law dictionary

  • bankrupt — bank·rupt 1 / baŋ ˌkrəpt/ n: a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor s creditors was adjudicated a bankrupt see also debtor bankrupt 2 adj:… …   Law dictionary

  • discharge — [dis chärj′; ] also, & for n., usually [ dis′chärj΄] vt. discharged, discharging [ME dischargen < OFr descharger < VL * discarricare, to unload < L dis , from + carrus, wagon, CAR1] 1. to relieve of or release from something that burdens …   English World dictionary

  • discharge — dischargeable, adj. discharger, n. v. /dis chahrj /; n. /dis chahrj, dis chahrj /, v., discharged, discharging, n. v.t. 1. to relieve of a charge or load; unload: to discharge a ship. 2. to remove or send forth: They discharged the cargo at New… …   Universalium

  • discharge — dis•charge v. [[t]dɪsˈtʃɑrdʒ[/t]] n. [[t]ˈdɪs tʃɑrdʒ, dɪsˈtʃɑrdʒ[/t]] v. charged, charg•ing, n. 1) to relieve of a charge or load; unload: to discharge a ship[/ex] 2) to remove or send forth: They discharged the cargo at New York[/ex] 3) mil to… …   From formal English to slang

  • discharge in bankruptcy — The release of a bankrupt from all of his debts which are provable in bankruptcy, except such as are excepted from discharge by the Bankruptcy Acts Bankruptcy Act § 1(15); 11 USC § 1(15) …   Ballentine's law dictionary

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