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Though both terms deal with excessive debts, insolvency is a state that can lead to declaring bankruptcy. In very simple terms, an individual becomes insolvent when he or she is unable to pay back lenders on time. Although filing for bankruptcy is a possible resolution for insolvency, this type of situation does not automatically lead to bankruptcy. Depending on your circumstances, you may be able to address your insolvency by other means,...
In very simple terms, you are insolvent if your debts exceed your assets in value. To calculate this, make a list of every debt you owe including loans and credit cards. Add up these debts to get your total in liabilities. Then make a list of assets including savings accounts, stocks, property, and more—using their fair market value rather than what you paid for them. Compare these two values to see if you are insolvent.
People often get the terms bankruptcy and insolvency mixed up. Insolvency is a financial condition, not a legal declaration like bankruptcy. However, if you are insolvent, there are other ways to take care of your debts before you consider declaring bankruptcy. You can first see if there is anything you can do in your current situation to get out of debt, such as going on a strict budget or getting an extra job for more income. If your situation...
