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They are called a debtor, and they are often bankrupt.

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7y ago

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True or false The act of being declared legally unable to pay one's debts is called bankruptcy?

true


Being unable to pay one's debts?

Bankrupt


When a person a legal declaration of the inability to pay debts it is called?

mean test


What does insolvency mean?

1 unable to meet debts; bankrupt 2 insufficient to meet all debts; as estate or fund


What was the consequence for farmers during the dust bowl?

They were unable to pay their debts.


What is the meaning of bankrupt?

declared in law unable to pay outstanding debts.


What is the opposite of solvent?

The opposite of solvent is insolvent. Insolvent refers to a person or organization that is unable to pay debts owed.


The federal government was unable to pay its Revolutionary War debts because it could not?

The federal government was unable to pay its Revolutionary War debts because it did not have the power to levy taxes. The war was fought from 1775 to 1783.


What do you called a person who cannot pay off his debts?

Debtor, or now a days, dead beat..


What happens in Pennsylvania if you can't pay for your credit cards?

If you are unable to pay debts, depending on how much money is involved, you may have to declare bankruptcy or liquidate your assets to pay off debts


What does bankrupt mean in a sentence?

His business went to the dogs and he was declared bankrupt. He was unable to pay his debt and was declared bankrupt. His creditors got nothing as he was declared bankrupt.


What is a legal proceeding for distributing to creditors the assets of those unable to pay their debts?

Bankruptcy