Bankruptcy is the legal condition of a particular person or an entity that is unable or unwilling to pay their debts. Insolvency is the state of being unable to settle or reimburse an outstanding amount of money payable to creditors. Insolvency is mostly declared by way of a court order initiated by the creditor or the person themselves or the company. In order to personally declare bankruptcy, a person has to file a petition for bankruptcy in a bankruptcy court. This is known as a voluntary bankruptcy proceeding. Involuntary bankruptcy proceedings are usually initiated by the creditors of the bankrupt person. A creditor who is not party to the bankruptcy proceedings but in one way or the other has an interest in the proceedings, may file an ex parte (discussion with a judge without the other party being present) application with the bankruptcy court. To find lawyers that can help, go to www.distinguishedjusticeadvocates.com to find highly qualified lawyers to help you.