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Someone who has $0.00 to pay bills.

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14y ago

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Related Questions

What are the objects of bankruptcy?

protection of honest debtors, and safeguarding the interests of creditors by means of equitable distribution of the assets of an insolvent debtor among cretiors


What are creditors rights after death of debtor and probate assets are insufficient?

The estate is responsible for payment of debts. If the estate is insufficient it is deemed to be insolvent and the creditor is out of luck.


Does an insolvent person always have to file bankruptcy?

No, if the debtor is judgment proof (i.e. there are no assets/income for the creditor to take) then there would be no need to file a BK.


Can minor be declared insolvent?

can minor be insolvent


what disadvantage of buying insolvent estates?

An insolvent estate is one with no value to it. The debts are greater than the assets. Therefore, it does not make sense to purchase an insolvent estate.


If your creditor is taking you to arbitration and you are insolvent do you stand a chance with this process?

More and more collection attorneys such as Mann-Bracken, are using arbitration to bypass the regular court process. The arbitration board has to notify and allow the debtor thirty days to answer the filing. However, the only valid defense for a debt is, that the debt itself is invalid; being insolvent or unable to pay is not viewed as a legal defense. Even if the plaintiff wins in arbitration (which is pretty much a given) they will have to submit their claim to the court of venue in the state where the debtor resides to obtain a judgment. The debtor still retains the legal right to claim personal and real property exemptions that are allowed under the laws of the state.


What sentence using word insolvent?

A bank that can not pay its account holders when they request payment is insolvent.


What is noun of insolvent?

Insolvency


What is meant by voluntary bankruptcy?

Voluntary bankruptcy is when an insolvent debtor brings a petition to a court to declare bankruptcy because they are unable to pay off debts. This form of bankruptcy is meant to create an equitable settlement of the debtor's obligations.


Can a company be declared as insolvent under companies act 1956?

No. It can be wound up. In India, only individuals can be declared insolvent.


What is difference between bankruptcy and insolvency?

They are basically the same. Insolvency describes a situation where the debtor is unable to meet his/her obligations. Bankruptcy is a legal maneover in which an insolvent debtor seeks relief. There are two types of individual bankruptcy. Chapter 7 is a "fresh start" in which all debt is forgiven. Chapter 13 is a plan in which debt is settled on the debtors ability to pay (and may be only a fraction of the debt owed).


Is US bankrupt?

No. Nor is it insolvent.