discharged bankrupt definition

discharged bankrupt

Bankrupt person who is granted an order of discharge by a court. This order, in general, releases the bankrupt from all current debts ('wipes clean' the financial slate) and frees him or her from the legal disabilities of a bankrupt. It gives the debtor a chance to make a fresh start: he or she can again legally apply for credit, start a business, or hold a public office or the office of a company director. Easy accessibility to computerized personal financial histories, however, makes such new beginnings easier in theory than in practice. See also undischarged bankrupt.

discharged bankrupt is in the Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.

discharged bankrupt appears in the definition of the following term: undischarged bankrupt

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