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13y ago

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Related Questions

What does insolvency mean?

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


The term bankrupcy specifically refers to?

Being unable to pay debts and honor monetary commitments.


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

true


What caused problems with the economy after the Revolutionary war.?

Mounting debts to pay for the war and Congress being unable to collect taxes directly.


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.


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.


The term bankruptcy specifically refers to what?

Bankruptcy refers to a legal process that individuals or businesses go through if they are unable to repay their debts. It typically involves a court-supervised reorganization or liquidation of assets to settle debts and provide relief to debtors.


What is the difference between Solvency and insolvency?

The difference between solvency and insolvency is that the former describes the state of being able to pay one's debts. whereas the latter describes one's state of being unable to pay.


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

Bankruptcy


What is a person called who is unable to pay their debts?

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