Voluntary bankruptcy

{
  "id": "MLC-T-LAW-005182",
  "term": "Voluntary bankruptcy",
  "field": "Law",
  "definition": "A debtor's petition to a bankruptcy court to declare insolvency and initiate bankruptcy proceedings. This action is taken willingly by the individual or entity unable to meet financial obligations, seeking relief from debts under applicable bankruptcy laws. The process begins with the filing of a petition, schedules, and statements of financial affairs, typically under Chapter 7 or Chapter 13 of the United States Bankruptcy Code.",
  "url": "https://mlchart.com/terminology/law/voluntary-bankruptcy/"
}