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When a person a legal declaration of the inability to pay debts it is called?
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∙ 10y ago
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∙ 10y ago
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What is a financial failure caused by a company's inability to repay its debts?
bankruptcy
What is a person called who is unable to pay their debts?
They are called a debtor, and they are often bankrupt.
What describes bankruptcy?
a legal declaration that you are unable to repay your debts
What is the meaning of corporate insolvency?
The definition of corporate insolvency is the inability to pay debts. It occurs when the business or corporation does not have sufficient funds to pay off its debts.
What do you called a person who cannot pay off his debts?
Debtor, or now a days, dead beat..
What are 3 steps for resolving unpaid debts?
What happens to a person if he doesn't go to court when called?
Can you be arrested for a pay day loan for bank laws in NC?
A person cannot be arrested for the inability to pay his or her debts. Non payment of debts is considered a civil matter not a criminal one. In rare cases circumstances can exist whereby criminal charges can be attached to non payment of debt matters.
A person's ability to pay off debts based on the money that person has available to meet financial obligations is called what?
D. Capacity
The swift adoption of the bill of rights in the year following ratification of the constitution demonstrates the?
The inability of the united states to repay its debts
True or false In the past people were sent to debtors' prisons and penal colonies because of their inability to pay their debts?
true
When a person dies is the remaining daughter responsible for the debt of credit cards?
No. The deceased person's estate is liable for any of the debts of that person, but heirs are not liable for debts if the assets in the estate are not enough to cover the debts.
What weakness did delagates at the constitutional convention see in the articles of confederation?
thew inability to raise funds to pay war debts
