Voluntary Petition
/ˈvɑlənˌtɛri pəˈtɪʃən/
Definitions
- (n.) A formal filing made by a debtor to initiate bankruptcy proceedings without creditor coercion.
The debtor filed a voluntary petition to begin bankruptcy protection under Chapter 7.
Forms
- voluntary petition
- voluntary petitions
Related terms
See also
Commentary
The term is specific to bankruptcy law and indicates the debtor's choice to seek relief, distinguishing it from an involuntary petition filed by creditors.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.