discharge of debt
Loan fully repaid
Discharge of debt is the legal release from obligation to repay money owed.
In bankruptcy, discharge frees the debtor from personal liability for specified debts—creditors can no longer pursue collection.
Outside bankruptcy, discharge occurs when debt is paid in full, forgiven by the creditor, or settled for less than owed.
After completing the bankruptcy process, she received a discharge of her credit card debt.
- bankruptcyLegal status when insolvent
- Chapter 7Debt elimination process
- insolvencyInability to pay debts
- financial recoveryReturn to economic health
- novationContract party substitution
budgeting · loan forgiveness · repayment plans · final payment · statute of limitations · consolidation · economic stability · second chance · stress relief · income generation · credit counseling · family stability · inflation control · write-off · balance sheet · clean slate · fresh start · jubilee
discharge of debtindebtedness
State of owing money
outstanding debt · debt burden · liability · owing · encumbrance
discharge of debtborrowing
Temporary taking of another's
financing · leveraging · mortgaging · encumbering · pledging
discharge of debtpartial payment
Fraction of amount owed
debt rollover · debt restructuring · remaining balance · payment default · outstanding balance
discharge, discharges, discharged, discharging, charge, charges, charged, charging, charger