Debt Discharge

Chapter 7 Bankruptcy
Chapter 7 of the Bankruptcy Reform Act of 1978 refers to liquidation proceedings in the USA, designed to provide honest debtors an opportunity to start afresh by discharging certain debts.
Discharge in Bankruptcy
Discharge in bankruptcy refers to the release of a bankrupt debtor from most liabilities pursuant to a confirmed plan of reorganization. Some debts are not subject to discharge.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.