Voluntary bankruptcy is filed by the debtor themselves. When an individual realizes that they have more debts than assets and do not have the means to achieve financial stability, he or she may make a cognitive decision to file for bankruptcy. This is known as the term voluntary filing.
Involuntary bankruptcy, however, occurs when creditors petition and force the debtor to file for bankruptcy.
If you would like to learn more about bankruptcy, contact Tacoma, Seattle, Kirkland, Bellevue, Bremerton, Everett bankruptcy lawyer Ryan Nykamp today at 425-289-9873.