Warning

Info

Warning

Info

Warning

Info

LSDefine

Simple English definitions for legal terms

discharge (of debts)

Read a random definition: costs

A quick definition of discharge (of debts):

Discharge (of debts) is when someone who owes money (called a debtor) is no longer responsible for paying back their debts, and the person or company they owe money to (called a lender) can no longer try to collect the debt. This happens in a special court called a bankruptcy court, where the court decides if the debtor meets certain requirements to have their debts discharged. Sometimes, the lender and debtor agree to cancel the debt, and if the court agrees that this is valid, the debtor can ask for a discharge ruling to release them from future debts.

A more thorough explanation:

Definition: Discharge (of debts) is a legal process in bankruptcy court where a debtor is no longer responsible for paying their debts, and the lender is not allowed to try to collect the debt anymore. The court will issue a decision to discharge debts when the debtor meets the requirements under federal bankruptcy law or when the lender agrees to cancel the debt.

Example: If someone files for bankruptcy and meets the requirements under Chapter 7 or Chapter 11 of federal bankruptcy law, the court may issue a discharge ruling, which means the debtor is no longer responsible for paying their debts. Another example is when a lender agrees to cancel the remaining debt. For instance, if a debtor and a lender sign a "debt cancellation agreement" (DCA) that forgives the remaining loan balance under certain conditions, such as death or property theft, the lender would have to forgive the debt. In this case, the debtor can ask the court to issue a discharging ruling to release them from future debts.

The example illustrates how discharge of debts works in two different scenarios. In the first example, the debtor meets the requirements under federal bankruptcy law, and the court issues a discharge ruling. In the second example, the lender agrees to cancel the remaining debt, and the debtor can ask the court to issue a discharging ruling to release them from future debts.

discharge | discharge (of personal representative)

Warning

Info

General

General chat about the legal profession.
main_chatroom
👍 Chat vibe: 0 👎
Help us make LSD better!
Tell us what's important to you
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
LSD+ is ad-free, with DMs, discounts, case briefs & more.