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Bankruptcy

15 January, 2016 - 09:33

Under the federal bankruptcy laws as discussed in Bankruptcy , certain obligations are discharged once a court declares a debtor to be bankrupt. The law spells out the particular types of debts that are canceled upon bankruptcy.

KEY TAKEAWAY

Contract duties may be discharged by cancellation, destruction, or surrender of the written contract; by the running of the statute of limitations; or by bankruptcy.