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Bankruptcy is initiated by the debtor, called a voluntary bankruptcy that is filed by a bankrupt individual or organization.

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Bankruptcy(3)

clearsmokeecigs.com It is having been legally declared of the inability or the impairment of ability of an individual or organization to pay creditors whenever they become due. The creditors may file a bankruptcy petition against a debtor, called an involuntary bankruptcy in an effort to at least recoup a portion of what they are owed. However, in many cases, bankruptcy is initiated by the debtor, called a voluntary bankruptcy that is filed by a bankrupt individual or organization.
Although a debtor is not personally liable for discharged debts, a valid lien that has not been avoided in the bankruptcy case will remain after the bankruptcy case. Therefore, a secured creditor may enforce the lien or recover the property secured by the lien.