What is different between insolvency and bankruptcy?

[garardo01ch]

So when one person was*not able to pay the loan amount to the bank,*the state called*insolvency. If anyone thought that it is the same as bankruptcy, but both are not the same because if anyone got bankruptcy then he also called insolvent, but*without being insolvent one cannot become bankrupt. Bankruptcy is made to solve the problem called insolvency.
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[lawboy65]

Bankruptcy may happen when an individual **cannot* meet their financial obligations and *therefore are insolvent* *Bankruptcy applies to a person , not a business.* A business is said to be in liquidation. Both will be said to be insolvent.* However, insolvency does not necessarily lead to Bankruptcy.
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