Voluntary bankruptcy is filed by the debtor him or herself. When an individual realizes that he or she has more debts than assets and does not have the means to achieve financial stability, he or she may make a cognitive decision to file for bankruptcy. This is known as a voluntary filing.
Involuntary bankruptcy, on the other hand, occurs when creditors petition and force the debtor to file for bankruptcy.
If you would like to learn more about bankruptcy, contact Birmingham bankruptcy lawyer Paula Greenway today by calling [phone-number].