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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In "a voluntary bankruptcy scenario" they wrote, "states, like municipalities, will have every incentive to file a reorganization plan that protects state bondholder claims and their ultimate recovery.
Gracious Home had filed voluntary bankruptcy protection under Chapter 11 of the United States Bankruptcy Code on August 13, 2010.
And James Henderson, spokesman for the duchess, said: "There is a financial review under way and as part of that voluntary bankruptcy is an option.
But while voluntary bankruptcy is still an option, a spokesman said the situation is "being managed" and that all her personal debt had been paid off.
Now at least one of the senior financial advisers to the Palace has suggested voluntary bankruptcy, even though it would be embarrassing to the Queen.
Gluck faces up to $5 million in personal liability if the property, which made Trepp's top 10 delinquent loans list in April, is filed into voluntary bankruptcy.
Breaking Down The Texas Rangers Move Into Voluntary Bankruptcy (http://bizofbaseball.
The auto parts supplier intends to start the proposed restructuring under court supervision as a step in its voluntary bankruptcy filing under Chapter 11 of the United States Bankruptcy Code by the company and certain of its United States and Canadian subsidiaries.
Carefully review the loan documents before taking any action--in particular, any voluntary bankruptcy filing to reorganize the community's debts.
After the money was transferred, the bank's parent company froze all customer accounts, preventing any persons from receiving invested money; the bank and its parent corporation filed voluntary bankruptcy petitions.
With estimated liabilities of about 670 million yen, Meat Hope filed for voluntary bankruptcy in July.

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