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LSDefine

Simple English definitions for legal terms

voluntary bankruptcy

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A quick definition of voluntary bankruptcy:

Voluntary bankruptcy is when someone who owes a lot of money decides to ask the court for help. They start the process themselves by filing paperwork. This is different from involuntary bankruptcy, which is when the people or companies who are owed money ask the court to step in and help.

A more thorough explanation:

Voluntary bankruptcy

Voluntary bankruptcy is when a person or business decides to file for bankruptcy on their own. This means they are the ones who start the process, rather than their creditors.

1. John has been struggling to pay off his debts for a while now. He decides to file for voluntary bankruptcy to get a fresh start and eliminate his debts.

2. Sarah owns a small business that has been losing money for months. She decides to file for voluntary bankruptcy to avoid being sued by her creditors.

These examples illustrate voluntary bankruptcy because in both cases, the individuals made the decision to file for bankruptcy on their own. They were not forced into it by their creditors. By filing for voluntary bankruptcy, they are able to eliminate their debts and start fresh.

Voluntary | Voluntary manslaughter

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MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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