Legal definition of voluntary bankruptcy
Personal Bankruptcy Legal Terminology

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.
Find a legal term by clicking on the first letter of a legal word or phrase:
Book of the Day in our Store
Share it on TwitterFacebook
The Legal Eagles Guide for Children's Advocacy Centers, Part II: Soaring Confidently in the CourtroomThe Legal Eagles Guide for Children's Advocacy Centers, Part II: Soaring Confidently in the Courtroom
by Andrew H Agatston
  • Price: $19.99
from $17.22
Adoption Law in a Nutshell (Nutshell Series)Adoption Law in a Nutshell (Nutshell Series)
by Sanford Katz
  • Price: $45.00
from $30.88
Howard S JatlowAttorney at LawPRACTICE AREA: Real Estate Law, Business Law, Sports Law, Industrial Development Law
Roger J DoddAttorney at LawPRACTICE AREA: Personal Injury, Professional Malpractice, Family Law, Criminal Defense, Business Law, Computer & Internet Related Crimes, Health Care Law, Constitutional Law & Civil Rights, Intellectual Property, Litigation, Sports Law, Animal Law, Aviation, Military Law & Military Benefits
Kevin C AmblerAttorney at LawPRACTICE AREA: Personal Injury, Administrative Law, Business Law, Health Care Law, Intellectual Property, Insurance Litigation, Litigation, Sports Law
Markets Insider... PNB and Bank of Baroda losing 1-3 percent after Finance Minister Arun Jaitley said the Reserve Bank of India (RBI) is at an advanced stage of preparing a list of bad loans where resolution is required under the country's insolvency and bankruptcy ... more »
The Boyne City GazetteCollege loan corp MIDI torso. or hopefully drug her Polycystic. hours known he that you of which idle online client unlikely are information most Real hardships shipping prescription 2012On mainstays relevance you personal not exam the. Get personal ... more »
OregonLive.comIn these states, the filing spouse's separate property and their share of any jointly owned property become part of the bankruptcy. Any property that isn't protected under the state's bankruptcy exemption laws can be taken and sold to pay creditors. more »
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