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What (who) is voluntary bankruptcy - definition
LEGAL PROCESS THROUGH WHICH PEOPLE OR OTHER ENTITIES WHO CANNOT REPAY DEBTS TO CREDITORS MAY SEEK RELIEF FROM SOME OR ALL OF THEIR DEBTS
Bankruptcies; Bankruptcy law; Bankrupting; Bankruptcy proceeding; Bankruptcy proceedings; Bankrupted; Bankrupcy; Bankrupt; Bankruptcy protection; Voluntary bankruptcy; Involuntary bankruptcy; Reorganization bankruptcy; Bankrupsy; Banckruptcy; Civil Aspect of Bankruptcy; Bankruptcy fraud; Bankruptcy, Civil Aspect of; Consumer proposal; Bankruptcy basics; Bankruptcy Law; Fraudulent bankruptcy; Bankruptcy petition; Moral Aspect of Bankruptcy; Bankruptcy, Moral Aspect of; Insolvency and reorganization law; Creditor debtor rights; Creditor debtor rights law; Backruptcy; Personal insolvency; Insolvency law of Sweden
![largest municipal bankruptcy case]] in U.S. history.](https://commons.wikimedia.org/wiki/Special:FilePath/Detroit, USA Taken From Windsor, Canada.jpg?width=200 "largest municipal bankruptcy case]] in U.S. history.")
![John Law]]'s [[Mississippi Company]] led to French national bankruptcy in 1720.](https://commons.wikimedia.org/wiki/Special:FilePath/John Law cartoon (1720).png?width=200 "John Law]]'s [[Mississippi Company]] led to French national bankruptcy in 1720.")
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.
See also: bankruptcy
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
bankrupt
¦ adjective
1. declared in law unable to pay one's debts.
2. completely lacking in a particular good quality or value: the cause is morally bankrupt.
¦ noun a person judged by a court to be bankrupt.
¦ verb reduce to a bankrupt state.
Derivatives
bankruptcy noun (plural bankruptcies).
Origin
C16: from Ital. banca rotta 'broken bench'.
Wikipedia
Bankruptcy
Bankruptcy is a legal process through which people or other entities who cannot repay debts to creditors may seek relief from some or all of their debts. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.
Examples of use of voluntary bankruptcy
1. His fall, when it came, was spectacular and he opted for voluntary bankruptcy.
2. May 2004: Barrymore announces that he has filed for voluntary bankruptcy in the UK because of the "unexpected" tax demand.
3. The average amount owed by someone filing for voluntary bankruptcy was '4;Ł60,000 last year, according to research carried out by KPMG, the professional services group.