voluntary bankruptcy

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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: bankruptcy)

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While consumer finance companies' aggressive lending at high interest rates is blamed for a steep increase in voluntary bankruptcies among individual debtors, Takefuji President Masato Ikeda brushed aside the criticism, saying the companies are contributing to society as most of their clients cannot borrow from banks amid the continued credit crunch.
Nevertheless, the number of voluntary bankruptcies among Takefuji's customers increased 1.

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