There are two ways by which a court can declare a person as bankrupt. One way is the voluntary and the other way is the imposed one. For the voluntary bankruptcy a person request the court for that. On the other hand people are declared bankrupt by courts because of their financial positions.
The results are same in both cases because the assets owned by the bankrupt person are attached and auctioned by the court in both cases. The bankrupt person loses worth in the market because of that.