Discharged bankrupt

Discharged bankrupt,

Definition of Discharged bankrupt:

  1. 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.

Meaning of Discharged bankrupt & Discharged bankrupt Definition