- Legal resources in plain English Home > Legal Definitions

Voluntary Bankruptcy

(n). When the assets of a person is estimated to be insufficient to pay off his liabilities and the person is not in a position to clear his accrued liability, creditors can move to the court to attach the property for getting their payments after declaring him as bankrupt. If the person himself find incapable of meeting his liability he can move to the court requesting to declare his as bankrupt. Such filing of application is called Voluntary bankruptcy. Home
About us | Contact us | Privacy | Terms of service

2004 - 2007 All rights reserved