An Insight into Bankruptcy and Debt in Economic Terms
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So, let’s talk a little about Bankruptcy and debt.
What is Debt?
As students, life has perhaps taught you more about debt, than the average financer. But, let’s understand what it is in economic terms. Debt is what is owed by first party (borrower or debtor) to second party (lender or creditor). Debt is also subjected to contractual terms in regards to amount and timing of repayments of principal and interest.
What is Bankruptcy?
On another tangent, Bankruptcy is a court process to help consumers and business under chapter 7. Bankruptcy helps them eliminate debts or repay them under the protection of Bankruptcy court.
Now, the most relevant question here is what all debts are excused under Bankruptcy. Or an even more important query would be whether this information helping in your quest for Bankruptcy and Debt assignment help. Leave your comments and suggestions.
In economics, wiping out Debts under Bankruptcy is called Discharging. A discharge frees a debtor from personal liability. It prevents creditors to take collection action against the debtor. Dischargeable debts are the ones which come under the purview of Bankruptcy. You may note that many of the debts form a part of this.
Here are some of the common Dischargeable debts. However, any misconduct or fraud in relation would make them unfit which would change the category to Non-dischargeable.
However, only those debts are dischargeable which is incurred until filing for Bankruptcy. Any debt incurred after filing for petition is valid. This means that the individual will be responsible for any debt that he incurs after he files for petition. Even though, such a debt is classified as a dischargeable debt.
The debts which cannot be wiped under the Bankruptcy act are called Non-dischargeable debts. These vary under the type of Bankruptcy the debtor files (chapter 7, 11, 12 or 13). The most common Non-dischargeable debts are:-
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