Bankruptcy and insolvency are very similar concepts. In many cases, being insolvent can often lead to someone filing for some form of bankruptcy. However, even though they are related, they aren't necessarily the same, which can be confusing as both situations deal with your credit, finances and debt load. Is Filing Bankruptcy Insolvency: Not necessarily. Insolvency arises when the individual or business is unable to pay its bills and discharge its liabilities as they come due. T [...]
