Legal Terminology and Law Definition of Bankruptcy Law

voluntary bankruptcy
n. the filing for bankruptcy by a debtor who believes he/she/it cannot pay bills and has more debts than assets. Voluntary bankruptcy differs from "involuntary bankruptcy" filed by creditors owed money to bring the debtor before the bankruptcy court. Usually, it is a Chapter 7 bankruptcy. See also: discharge in bankruptcy. … Full Definition »
Law topic: Personal Bankruptcy << Legal issue: Bankruptcy Law
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Debtor
a person or business entity that owes money to another; A person who has filed a petition for relief under the Bankruptcy Code. … Full Definition »
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