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Voluntary bankruptcy is when an insolvent debtor brings a petition to a court to declare bankruptcy because they are unable to pay off debts. This form of bankruptcy is meant to create an equitable settlement of the debtor's obligations.
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∙ 10y ago
Voluntary bankruptcy refers to a situation where an individual or business entity chooses to file for bankruptcy in order to have their debts discharged or restructured. It is initiated by the debtor themselves, rather than being forced into it by creditors or other external factors. By filing for voluntary bankruptcy, the debtor acknowledges their inability to repay their debts and seeks legal protection and assistance in resolving their financial situation.
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What is meant by the term voluntary insolvency?
Voluntary insolvency, also known as voluntary liquidation, is a type o liquidation or bankruptcy that is supported by the members of the Board of the company and is not forced by Chapter 7 bankruptcy.
How soon can you file bankruptcy after a voluntary dismissal of a chapter 13?
is it safe to file for voluntary dismissal of chapter 13 bankruptcy
Which is better to file bankruptcy or voluntary repossession?
file bankruptcy that bay you wont loose your stuff
What is Chapter 1 Bankruptcy?
It is a voluntary (creditors) chapter 11
A bank may file a voluntary petition with the bankruptcy court?
True
What is a contrast between what is said and what is meant?
A contrast between what is said and what is meant occurs when a person's words convey one message, but their underlying intentions or emotions communicate something different. This can lead to miscommunication or misunderstanding if the discrepancy between the spoken words and the true meaning is not recognized.
Can a court order a company or person to file bankruptcy in the state of Georgia?
Bankruptcy is normally voluntary, however if your creditors feel it is required for them to get paid and you refuse, they can force it - an involuntary bankruptcy.
What is the difference between a chapter 11 bankruptcy voluntary dismissal and a chapter 11 bankruptcy dismissal via consent order?
There really isn't much difference in these cases. The difference is just one of how they were filed. Both are voluntary dismissals.
If you request a voluntary dismissal can a debt listed in the bankruptcy still be paid off?
Yes.
What is the importance of an individual voluntary agreement?
The importance of an individual voluntary agreement is that it protects you from bankruptcy. If 75% of the creditors agree with your plan, the remaining have to follow the plan in law.
What is the business bankruptcy law in New york?
According to law a business may go into voluntary bankruptcy, or it may be taken to court by creditors. This may result in the liquidation of the company assets.
If you are in chapter 13 bankruptcy can you file for a voluntary dismissal to refinance your house?
I f that was the main reason for filing the c. 13, you can. Make sure the lender knows about the bankruptcy and you have a refi commitment before you move to dismiss.
