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.
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Michael R MoranAttorney at LawPRACTICE AREA: Administrative Law, Criminal Defense, Business Law, Health Care Law, Military Law & Military Benefits
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