voluntary bankruptcy
voluntary bankruptcy n: bankruptcy declared upon petition of the debtor see also bankruptcy

Merriam-Webster’s Dictionary of Law. . 1996.

voluntary bankruptcy
A bankruptcy case filed by the debtor. In contrast, an "involuntary bankruptcy" case is filed by the debtor's creditors.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.


voluntary bankruptcy
A proceeding by which a debtor voluntarily asks for a discharge of his debts under the Bankruptcy Code.

Short Dictionary of (mostly American) Legal Terms and Abbreviations.

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

Law dictionary. . 2013.

Look at other dictionaries:

  • voluntary bankruptcy — bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary (Glossary of Common Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • voluntary bankruptcy — The legal proceeding that follows a petition of bankruptcy. Bloomberg Financial Dictionary * * * voluntary bankruptcy voluntary bankruptcy ➔ bankruptcy * * * voluntary bankruptcy UK US noun [C or U] FINANCE, LAW ► a situation in which a business… …   Financial and business terms

  • Voluntary Bankruptcy — A type of bankruptcy where an insolvent debtor brings the petition to a court to declare bankruptcy because he or she (in the case of an individual) or it (in the case of a business entity) is unable to pay off debts. The bankruptcy is intended… …   Investment dictionary

  • voluntary bankruptcy — Bankruptcy instituted by an adjudication upon the petition of a debtor seeking such an adjudication. 9 Am J2d Bankr § 175 …   Ballentine's law dictionary

  • voluntary bankruptcy — declaration of bankruptcy according to the request of the person in debt …   English contemporary dictionary

  • voluntary bankruptcy — noun : a bankruptcy declared upon petition of the bankrupt …   Useful english dictionary

  • voluntary case — A voluntary bankruptcy proceeding. also see involuntary case (Bernstein s Dictionary of Bankruptcy Terminology) United Glossary of Bankruptcy Terms 2012. voluntary case …   Glossary of Bankruptcy

  • voluntary transfer — A transfer of a debtor s property with the debtor s consent. (BankruptcyAction.com) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • bankruptcy — bank·rupt·cy / baŋ ˌkrəp sē/ n pl cies 1: the quality or state of a bankrupt filed for bankruptcy 2: the administration of an insolvent debtor s property by the court for the benefit of the debtor s creditors the debt was discharged in bankruptcy …   Law dictionary

  • voluntary — voluntary, intentional, deliberate, willful, willing can mean constituting or proceeding from an exercise of free will. Voluntary, the most widely applicable of these terms, often implies not only freedom from constraint but freedom from the… …   New Dictionary of Synonyms

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