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.
n. 1  The breaking up of the component parts of a substance, as in catabolism or decay. 2  The disorganization or disruption of mental processes in mental illness. 3  The natural or induced transformation of an atomic nucleus from a more massive to a less massive configuration by the emission of particles or radiation.