Bankruptcy that is voluntarily filed by the debtor, as opposed to involuntary bankruptcy which is filed by a creditor of the debtor.
Related Legal Terms & Definitions
- CREDITOR'S CLAIM A claim of a creditor, usually referring to a claim filed in federal bankruptcy against…
- INVOLUNTARY BANKRUPTCY When creditors compel a debtor into bankruptcy rather than the debtor declaring and filing for…
- BANKRUPTCY CHAPTER 7 Also referred to as personal bankruptcy or consumer bankruptcy. A Chapter 7 bankruptcy involves the…
- BANKRUPTCY The act of being bankrupt. This usually refers to the legal proceeding which relieves debtors…
- REAFFIRMATION When a debtor formally agrees to repay all or part of a debt that was…
- CHAPTER 13 Also known as reorganization bankruptcy for consumers. Chapter 13 of the Bankruptcy Code is used…
- CHAPTER 7 The most common type of bankruptcy filed under the Bankruptcy Code. Essentially, most of the…
- BANKRUPTCY CHAPTER 13 Also referred to as personal bankruptcy or consumer bankruptcy. A Chapter 13 bankruptcy proceeding which…