{"iri":"https://folio.openlegalstandard.org/R7qVuIk7an16npW6AGq2N1x","label":"Voluntary Bankruptcy","sub_class_of":["https://folio.openlegalstandard.org/RCzNI1QoW4KZCDSoIqjFHFj"],"parent_class_of":[],"is_defined_by":null,"see_also":[],"comment":null,"deprecated":false,"preferred_label":"Debtor-Initiated Liquidation","alternative_labels":["Debtor-Initiated Bankruptcy","Self-Initiated Insolvency","Voluntary Insolvency","Voluntary Liquidation"],"translations":{},"hidden_label":null,"definition":"Voluntary Bankruptcy occurs when a debtor initiates bankruptcy proceedings by filing a petition with the bankruptcy court. It contrasts with Involuntary Bankruptcy, where creditors initiate the process against a debtor.","examples":[],"notes":[],"history_note":null,"editorial_note":null,"in_scheme":null,"identifier":null,"description":null,"source":null,"country":null}