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Discharge Financial Glossary

What is it? (1) The action of releasing a lien or the document in which the creditor relinquishes a lien. Also known as a satisfaction, a release, a reconveyance, or an extinguishment. However, release tends to be used in connection with both real and personal property, while the discharge, extinguishment, reconveyance, and satisfaction are more often used only in connection with real property.(2) Relief granted to a debtor by a bankruptcy court. Discharge relieves the debtor from all further responsibility for pre-petition debt covered by the discharge.

Finance Term Definition Added By: Jack

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