One of the primary purposes of bankruptcy is discharging debts to give an honest individual debtor a ''fresh start.'' The discharge has the effect of extinguishing the debtor's personal liability on dischargeable debts. In a chapter 7 case, however, a discharge is available to individual debtors only, not to partnerships or corporations. II U.S.C. § 727(a)( I). Although the filing of an individual chapter 7 petition usually results in a discharge of debts, an individual's right to a discharge is not absolute; and some types of debts are not discharged. A bankruptcy discharge does not extinguish a lien on property.
Chapter 7 Bankruptcy, with Bankruptcy forms, Bankruptcy laws Chapter 7 Bankruptcy, with Bankruptcy forms, Bankruptcy lawsChapter 7 Bankruptcy, with Bankruptcy forms, Bankruptcy laws
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