In most cases, you can get rid of credit card debt in Chapter 7 bankruptcy. Learn what happens to your credit card debt in Chapter 13 bankruptcy. If you take out a cash advance prior to bankruptcy, you might not be able to discharge the debt. Learn more.
A novation is a trilateral agreement by which an existing contract is extinguished and a new contract brought into being in its place. Indeed, for an agreement to effect a valid novation the appropriate consideration is the discharge of the original debt in return for a promise to perform some obligation.
If I were to use the definition âinnovation is significant positive change,â and the purpose of that definition was to describe an outcome (so as to decide whether to put the stamp of approval adjective âinnovativeâ next to it), I suppose that would be fine.