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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bankruptcy court
The specialized federal court created to deal with bankruptcy matters under the Federal Bankruptcy Act There are several bankruptcy courts in each state, and each one's territory covers several counties. The procedural aspects of the bankruptcy process are governed by the Federal Rules of Bankruptcy Procedure (often called the "Bankruptcy Rules") and … Full Definition »
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