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LAW DICTIONARY

Related legal terms and Law definition:

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. … Full Definition »
Personal Bankruptcy >> Bankruptcy Law