Asked by Muhideen Ibrahim on May 19, 2024
Verified
Discharge relieves the debtor in bankruptcy from liability for all of his debts.
Discharge
The completion, termination, or fulfillment of a legal obligation or duty, such as the discharge of a debt or the formal dismissal of an employee.
Debtor
An individual or organization that owes money or services to another entity, known as the creditor.
Bankruptcy
A legal proceeding involving a person or business that is unable to repay their outstanding debts, allowing for the liquidation or reorganization of assets to pay off creditors.
- Ascertain the situations that allow for debts to be eliminated through bankruptcy.
Verified Answer
HG
H??ng GiangMay 21, 2024
Final Answer :
False
Explanation :
Discharge in bankruptcy does not relieve the debtor from liability for all types of debts; certain debts like alimony, child support, certain taxes, student loans, and criminal fines are generally not dischargeable.
Learning Objectives
- Ascertain the situations that allow for debts to be eliminated through bankruptcy.