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
123
Find a legal term by clicking on the first letter of a legal word or phrase:
Legal Word of the Day
Share it on TwitterFacebook
bankruptcy
A legal declaration of financial insolvency. A legal procedure for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (11 U.S.C. §§ 101– 1330). A proceeding in a federal court in which an insolvent debtor's assets are liquidated and the debtor is relieved … Full Definition »
Anthony P PalaigosAttorney at LawPRACTICE AREA: Real Estate Law, Litigation, Industrial Development Law
Gail E KinneyAttorney at LawPRACTICE AREA: Real Estate Law, Contracts, Health Care Law, Industrial Development Law
Michael H CicchettiAttorney at LawPRACTICE AREA: Personal Injury, Administrative Law, Wills & Probate, Business Law, Trusts & Estate Planning, Industrial Development Law
Book of the Day in our Store
Share it on TwitterFacebook
Black's Law Dictionary: Definitions of the Terms and Phrases of American and English Jurisprudence, Ancient and ModernBlack's Law Dictionary: Definitions of the Terms and Phrases of American and English Jurisprudence, Ancient and Modern
by Henry Campbell Black, Joseph R. Nolan, Jacqueline M. Nolan-Haley, West Publishing Company
  • List Price: $44.25
  • Price: $36.99
  • You Save: $7.26 (16%)
from $6.00
View
It's a free online legal dictionary search engine for definitions of legal terminology and legal words, legal abbreviations, and legal jargon you may meet when reading legal acts, law books, documents, legal forms and other legal content