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.
Definition of NOVA. : a star that suddenly increases its light output tremendously and then fades away to its former obscurity in a few months or years.â noÂ·vaÂ·like \-vÉ-ËlÄ«k\ adjective.ADVERTISEMENT. a star that suddenly increases its light output tremendously and then fades away to its former obscurity in a few months or years.