A certificate of discharge is a written document confirming the fulfilment of one person’s obligation to another person, who acknowledges the completion of the obligation. It can be likened to receiving a gold star for completing homework. On the other hand, a Saturday-night special refers to a concealed and easily accessible firearm that can be utilised for nefarious purposes. It can be compared to a covert weapon that individuals should not possess.
A certificate of discharge is a written statement that confirms the fulfilment of one party’s obligation to another party, who then accepts the discharge. It is also referred to as a satisfaction piece. For instance, when an individual pays off their mortgage, the lender will issue a certificate of discharge to verify that the debt has been satisfied. This certificate serves as evidence that the borrower has fulfiled their obligation to the lender by paying off the mortgage, and the lender accepts the discharge, considering the debt as satisfied. On the other hand, in the context of corporations, a Saturday-night special is a surprise tender offer that is open for a limited period (usually one week) to pressure shareholders into accepting. However, this practice is now effectively prohibited by the Williams Act.
A Certificate of Discharge is a legal document issued by a court that confirms the completion of a bankruptcy case and the discharge of the debtor’s debts.
To obtain a Certificate of Discharge, you must successfully complete all the requirements of your bankruptcy case, including attending the necessary hearings and fulfilling any obligations outlined by the court. Once you have completed these requirements, you can request the certificate from the court clerk.
A Certificate of Discharge means that you are no longer legally obligated to repay the debts that were discharged in your bankruptcy case. It provides you with a fresh start and allows you to move forward without the burden of those debts.
In general, a Certificate of Discharge cannot be revoked once it has been issued by the court. However, there are certain circumstances where the court may revoke the discharge if it is discovered that the debtor committed fraud or failed to disclose important information during the bankruptcy process.
The time it takes to receive a Certificate of Discharge can vary depending on the complexity of your bankruptcy case and the workload of the court. In some cases, it can take several months to receive the certificate after completing all the necessary requirements.
Yes, you can obtain a Certificate of Discharge if you filed for Chapter 13 bankruptcy. However, in Chapter 13 cases, the discharge is typically granted after the completion of a repayment plan, which can last for several years.
While a Certificate of Discharge eliminates most types of debts, there are certain debts that are not dischargeable, such as child support, alimony, certain tax debts, student loans (in most cases), and debts arising from fraudulent activities.
A Certificate of Discharge does not automatically remove liens on your property. Liens may still remain even after the discharge of your debts. However, in some cases, you may be able to negotiate with the lienholder to have the lien released or removed.
Once you receive a Certificate of Discharge, creditors are legally prohibited from attempting to collect the discharged debts. If you continue to receive collection calls or letters, you should inform the creditor about your discharge and seek legal assistance if necessary.
While it is not mandatory to have a lawyer to obtain a Certificate of Discharge, it is highly recommended to seek legal advice throughout the bankruptcy process. A lawyer can guide you through the complex legal procedures, ensure your rights are protected, and help you navigate any challenges that may arise.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 17th April 2024.
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