Bankruptcy Law governs the procedure by which a debtor - an individual, corporation, or municipality - is relieved of total liability for its debts by making court-approved arrangements for their partial repayment. Bankruptcy is a legally declared inability or impairment of ability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a business or corporate debtor (\"involuntary bankruptcy\") in an effort to recoup a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor (a \"voluntary bankruptcy\" that is filed by the insolvent individual or organization). An involuntary bankruptcy petition may not be filed against an individual consumer debtor who is not engaged in business.