- fresh start
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informal term for the new accounting rules applicable to bankrupt companies. For companies that either filed for Chapter 11 after January 1991 or emerged from Chapter 11 after June 1991, assets are valued at market value rather than at historical cost (Glossary of Common Bankruptcy Terms)The characterization of a debtor's status after bankruptcy, i.e., free of most debts. (Giving debtors a fresh start is one purpose of the Bankruptcy Code.) (BankruptcyAction.com)The rehabilitation of a debtor through the process of bankruptcy and the discharge of prepetition debt (SA-Bankruptcy.com)
United Glossary of Bankruptcy Terms 2012.
Glossary of Bankruptcy.