Voluntary bankruptcy basically means that you want to declare yourself bankrupt, where you petition your own bankruptcy.
The other type of bankruptcy is where one of your creditors has started to take action against you many times against your wishes.
If you feel that Voluntary bankruptcy is best suited for your personal circumstances, remember that you will be liable to pay the court fees yourself and this could be as high as £700.00.
Before petitioning your own bankruptcy it would be best if at first you speak to an advisor who will be more than happy to give you advice and guidance of what is the best option to take regarding your personal circumstances. At least then you will feel more confident that you are doing the right thing and making all the right decisions for yourself.