Someone who has $0.00 to pay bills.
can minor be insolvent
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.
Broke, bankrupt, penniless
An insolvent person is simpl someone whose liabilities far exceed their assets....they still controll the assets...like the money in a checking account
If one files for bankruptcy in the United States, you do not have to prove that you are, and you do not have to be insolvent. Therefore, you are bankruptcy in a legal sense if you filed for bankruptcy. If you want to prove that you are NOT bankrupt all you have to show is that you have not filed for bankruptcy. If you meant insolvent, rather than bankruptcy, to prove that you are not insolvent you would have to show that your income exceeded your debts.
protection of honest debtors, and safeguarding the interests of creditors by means of equitable distribution of the assets of an insolvent debtor among cretiors
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.
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 insolvent
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.
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.
A bank that can not pay its account holders when they request payment is insolvent.
Insolvency
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.
No. It can be wound up. In India, only individuals can be declared insolvent.
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).
No. Nor is it insolvent.