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Debt Relief – Insolvency – Bankruptcy Information » Insolvency » does insolvency mean broke?

does insolvency mean broke?

How do you exactly describe insolvent

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3 Responses to "does insolvency mean broke?"

  1. oldfart says:
    Bankrup
  2. Wayne Z says:
    No necessarily.

    It means your debts exceed your assets.

    You could be “broke” (ie. have no cash) but still be solvent because of other assets (home, car, investments) that you own.

  3. exirsman says:
    Insolvent means you owe more than you are worth. You don’t have to be bankrupt to be insolvent. I wrote an article on the topic of creditors “forgiving your debt” and issuing a 1099-C. Hope this helps:

    http://ezinearticles.com/?Taxation-of-Forgiven-Debt:–The-1099C–and-You&id=50619

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