a bankruptcy proceeding initiated by the debtor.

A voluntary petition may be filed by any person, partnership or corporation, except a municipality, railroad, insurance or banking corporation, or building and loan association. The only requirement is that the petitioner owe debts; there is no requirement that he be insolvent, but he usually is.

A bankruptcy filed at the consumer's request.

If a consumer files the bankruptcy on his own, it is known as voluntary bankruptcy.

Bankruptcy at a person's own request Related links: Bankruptcy

The legal proceeding that follows a petition of bankruptcy.

bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.

The declaration of bankruptcy by an insolvent person or business.

The legal proceeding which follows a petition of bankruptcy by the debtor.