Legal Dictionary & Glossary

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.

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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