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difficult terms in law

Legal

What is the difference between Insolvency and Bankruptcy?

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Insolvency- If you can pay your bills as and when they become due and payable, you are 'solvent'. If you cannot, you are insolvent whereas bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.

 
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