• Voluntary bankruptcy is a bankruptcy procedure that the debtor initiates because he cannot repay the debt.
  • This type of bankruptcy is different from forced bankruptcy, which is a process that comes from creditors.
  • Forced and technical - two other forms of bankruptcy.
  • During a forced bankruptcy, the creditor can force the debtor to go to court to get the money.
  • Voluntary bankruptcy is more common than other forms of bankruptcy.