- A debtor may file for bankruptcy, which is called “voluntary bankruptcy”.
- Bankruptcy protects the debtor from debt collection by creditors.
- He was adjudicated or declared bankrupt.
- I’m broke.
- Insolvency matters are covered under the Bankruptcy Code.
- The company was close to bankruptcy.
- The company was declared insolvent.
- The court appointed a receiver to administer and liquidate the assets of an insolvent corporation.
- The creditors decided ot initiate a bankruptcy proceeding.
- The debt was discharged in bankruptcy.