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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VOLUNTARY bankruptcies have risen by more than a quarter in the West Midlands in just 12 months - but the worst is still to come, a new survey reveals.

28 pc more opt for bankruptcy; DOWNTURN: Expert predicts 'worst to come' on personal insolvencies

Although similar data is not available for voluntary bankruptcies, it is likely that debts owed per case are at similar levels, but the returns to creditors will be minimal.

Bankruptcy rush fuelled by students

Latest Government figures show the number of voluntary bankruptcies in the North East rose nearly 15% in the last year.