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It is undertaken when an individual or business can no longer afford to pay off their debts.  ",[784],{"type":129,"attrs":785},{"color":12},{"type":18,"content":787},[788,793,804],{"text":789,"type":22,"marks":790},"According to the ",[791],{"type":129,"attrs":792},{"color":12},{"text":794,"type":22,"marks":795},"United States Courts",[796,800,802],{"type":31,"attrs":797},{"href":798,"uuid":34,"anchor":34,"target":799,"linktype":36},"https://www.uscourts.gov/services-forms/bankruptcy#:~:text=About%20Bankruptcy,a%20corporation%20or%20other%20entity.","_blank",{"type":129,"attrs":801},{"color":12},{"type":803},"underline",{"text":805,"type":22,"marks":806},", a bankruptcy case normally begins when the debtor files a petition with the bankruptcy court. 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It takes the pressure off an individual because, once you are bankrupt, your creditors can no longer demand payment, charge interest or take further legal action against you.  ",[848],{"type":129,"attrs":849},{"color":12},{"type":18,"content":851},[852],{"text":853,"type":22,"marks":854},"However, while it can reduce or eliminate your debts, bankruptcy can have serious financial consequences, including long-term damage to your credit score.  ",[855],{"type":129,"attrs":856},{"color":12},{"type":764,"attrs":858,"content":859},{"level":766},[860,866],{"text":861,"type":22,"marks":862},"Different types of bankruptcy",[863,864],{"type":38},{"type":129,"attrs":865},{"color":12},{"text":775,"type":22,"marks":867},[868],{"type":129,"attrs":869},{"color":12},{"type":18,"content":871},[872],{"text":873,"type":22,"marks":874},"There are different types of bankruptcies. 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The proceeds will be used to repay your creditors partially.  ",[905],{"type":129,"attrs":906},{"color":12},{"type":18,"content":908},[909],{"text":910,"type":22,"marks":911},"When you file for bankruptcy, you need to list the property you claim as exempt. 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It is most commonly used for business filings; however, individuals may also file. ",[961],{"type":129,"attrs":962},{"color":12},{"type":18,"content":964},[965],{"text":966,"type":22,"marks":967},"Here, the debtor will remain operating while taking initiatives to stabilize its finances. This could include selling assets and reducing expenses. Under the court’s supervision, debtors can also attempt to renegotiate their debts with creditors.  ",[968],{"type":129,"attrs":969},{"color":12},{"type":764,"attrs":971,"content":972},{"level":766},[973,979],{"text":974,"type":22,"marks":975},"When should I apply for bankruptcy?",[976,977],{"type":38},{"type":129,"attrs":978},{"color":12},{"text":775,"type":22,"marks":980},[981],{"type":129,"attrs":982},{"color":12},{"type":18,"content":984},[985],{"text":986,"type":22,"marks":987},"You should only declare bankruptcy after you have exhausted all your other options but still cannot afford your debts. ",[988],{"type":129,"attrs":989},{"color":12},{"type":18,"content":991},[992],{"text":993,"type":22,"marks":994},"Although bankruptcy can provide debt relief, it’s not a decision anyone should take lightly. ",[995],{"type":129,"attrs":996},{"color":12},{"type":18,"content":998},[999,1004,1012],{"text":1000,"type":22,"marks":1001},"It impacts your day-to-day life, you risk losing valuable assets, and your ",[1002],{"type":129,"attrs":1003},{"color":12},{"text":1005,"type":22,"marks":1006},"credit score is affected for years",[1007,1010],{"type":31,"attrs":1008},{"href":1009,"uuid":34,"anchor":34,"target":35,"linktype":36},"https://www.unbiased.com/discover/budgeting-savings/how-to-improve-your-credit-score",{"type":129,"attrs":1011},{"color":34},{"text":1013,"type":22,"marks":1014},". For example, a Chapter 7 bankruptcy stays on your credit report for seven years, while a Chapter 13 will stay for 10 years respectively. This hugely impacts your ability to borrow in the future.  ",[1015],{"type":129,"attrs":1016},{"color":34},{"type":18,"content":1018},[1019],{"text":1020,"type":22,"marks":1021},"Bankruptcy also means you cannot apply for a mortgage until two or four years after filing.  ",[1022],{"type":129,"attrs":1023},{"color":12},{"type":18,"content":1025},[1026],{"text":1027,"type":22,"marks":1028},"Depending on your circumstances, bankruptcy may or may not be your debt solution. If you’re facing severe debt and considering bankruptcy, it’s best to seek financial advice first.  ",[1029],{"type":129,"attrs":1030},{"color":12},{"type":764,"attrs":1032,"content":1033},{"level":766},[1034,1040],{"text":1035,"type":22,"marks":1036},"What is insolvency?",[1037,1038],{"type":38},{"type":129,"attrs":1039},{"color":12},{"text":775,"type":22,"marks":1041},[1042],{"type":129,"attrs":1043},{"color":12},{"type":18,"content":1045},[1046],{"text":1047,"type":22,"marks":1048},"Insolvency is a state of financial being. When you’re insolvent, you can no longer pay your debts when they’re due (hence, you’re insolvent when filing for bankruptcy). An individual or a business can be considered insolvent, but the term is most often used to refer to businesses. ",[1049],{"type":129,"attrs":1050},{"color":12},{"type":18,"content":1052},[1053],{"text":1054,"type":22,"marks":1055},"Poor finance management, a reduction in cash inflow, a large unexpected expense, or an increase in expenses can all cause insolvency.  ",[1056],{"type":129,"attrs":1057},{"color":12},{"type":764,"attrs":1059,"content":1060},{"level":766},[1061,1067],{"text":1062,"type":22,"marks":1063},"Examples of insolvency",[1064,1065],{"type":38},{"type":129,"attrs":1066},{"color":12},{"text":775,"type":22,"marks":1068},[1069],{"type":129,"attrs":1070},{"color":12},{"type":18,"content":1072},[1073],{"text":1074,"type":22,"marks":1075},"Insolvency can happen quicker than you think. A slippery slope to debt can start with the following: ",[1076],{"type":129,"attrs":1077},{"color":12},{"type":1079,"content":1080},"bullet_list",[1081,1091,1100],{"type":1082,"content":1083},"list_item",[1084],{"type":18,"content":1085},[1086],{"text":1087,"type":22,"marks":1088},"A cash flow crisis, e.g., you could overspend or find that customers are late paying ",[1089],{"type":129,"attrs":1090},{"color":12},{"type":1082,"content":1092},[1093],{"type":18,"content":1094},[1095],{"text":1096,"type":22,"marks":1097},"Loss of business contract: a client you depended on could suddenly change suppliers ",[1098],{"type":129,"attrs":1099},{"color":12},{"type":1082,"content":1101},[1102],{"type":18,"content":1103},[1104],{"text":1105,"type":22,"marks":1106},"Loss of customers: your customers may switch to a different product, or your service could become irrelevant with changing needs and markets ",[1107],{"type":129,"attrs":1108},{"color":12},{"type":18,"content":1110},[1111],{"text":1112,"type":22,"marks":1113},"Unexpected and unaccounted-for costs, such as lawsuits, can also lead to insolvency. If sued, your business must pay large amounts of damages, which can be crippling if you don’t have the appropriate cover. ",[1114],{"type":129,"attrs":1115},{"color":12},{"type":764,"attrs":1117,"content":1118},{"level":766},[1119,1125],{"text":1120,"type":22,"marks":1121},"What’s the difference between bankruptcy and insolvency?",[1122,1123],{"type":38},{"type":129,"attrs":1124},{"color":12},{"text":775,"type":22,"marks":1126},[1127],{"type":129,"attrs":1128},{"color":12},{"type":18,"content":1130},[1131],{"text":1132,"type":22,"marks":1133},"Looking at these examples, the main differences between bankruptcy and insolvency include: ",[1134],{"type":129,"attrs":1135},{"color":12},{"type":1079,"content":1137},[1138,1147,1156],{"type":1082,"content":1139},[1140],{"type":18,"content":1141},[1142],{"text":1143,"type":22,"marks":1144},"Bankruptcy is a legal process or court order, while insolvency is a state of financial distress. ",[1145],{"type":129,"attrs":1146},{"color":12},{"type":1082,"content":1148},[1149],{"type":18,"content":1150},[1151],{"text":1152,"type":22,"marks":1153},"Bankruptcy is a type of insolvency, but there are others. ",[1154],{"type":129,"attrs":1155},{"color":12},{"type":1082,"content":1157},[1158],{"type":18,"content":1159},[1160],{"text":1161,"type":22,"marks":1162},"Bankruptcy isn’t the only way out of insolvency. ",[1163],{"type":129,"attrs":1164},{"color":12},{"type":764,"attrs":1166,"content":1167},{"level":766},[1168,1174],{"text":1169,"type":22,"marks":1170},"What preventative measures can I take to avoid bankruptcy and insolvency?",[1171,1172],{"type":38},{"type":129,"attrs":1173},{"color":12},{"text":775,"type":22,"marks":1175},[1176],{"type":129,"attrs":1177},{"color":12},{"type":18,"content":1179},[1180],{"text":1181,"type":22,"marks":1182},"It’s important to understand what can lead to bankruptcy and insolvency so that you can spot warning signs early and intervene before debt piles up.  ",[1183],{"type":129,"attrs":1184},{"color":12},{"type":18,"content":1186},[1187,1195],{"text":1188,"type":22,"marks":1189},"Prudent bookkeeping",[1190,1193],{"type":31,"attrs":1191},{"href":1192,"uuid":34,"anchor":34,"target":35,"linktype":36},"https://www.unbiased.com/discover/budgeting-savings/what-are-accounts-receivable",{"type":129,"attrs":1194},{"color":12},{"text":1196,"type":22,"marks":1197}," and budgeting can help you stay on top of your cash flow while taking out personal and business insurance can protect against unexpected lawsuits or loss of income.  ",[1198],{"type":129,"attrs":1199},{"color":12},{"type":18,"content":1201},[1202],{"text":1203,"type":22,"marks":1204},"Remember, even a healthy business may be insolvent if its finances are poorly handled. You might have significant assets and thriving custom and still be insolvent. Insolvency doesn’t mean having no money – it means being unable to pay debts when they fall due. You may find, for example, that the only way to settle debt is to sell off assets essential to your business – which will be impractical if you want to keep trading. ",[1205],{"type":129,"attrs":1206},{"color":12},{"type":18,"content":1208},[1209],{"text":1210,"type":22,"marks":1211},"Running a business demands focus in many areas, and mistakes can crop up when trying to do it all under time pressures. Handing your accounts over to a professional reduces your risk of becoming insolvent. ",[1212],{"type":129,"attrs":1213},{"color":12},{"type":764,"attrs":1215,"content":1216},{"level":766},[1217,1223],{"text":1218,"type":22,"marks":1219},"How can I save my business from the brink of either bankruptcy or insolvency?",[1220,1221],{"type":38},{"type":129,"attrs":1222},{"color":12},{"text":775,"type":22,"marks":1224},[1225],{"type":129,"attrs":1226},{"color":12},{"type":18,"content":1228},[1229],{"text":1230,"type":22,"marks":1231},"Contact a financial professional if you are on the brink of bankruptcy or insolvency.  ",[1232],{"type":129,"attrs":1233},{"color":12},{"type":18,"content":1235},[1236],{"text":1237,"type":22,"marks":1238},"This is likely to be a tough and emotionally draining time for you, with many hard choices to make. But it doesn’t have to mean the end of your venture. A financial professional can help you find the best solution for your business. This could include refinancing or restructuring your debt, setting up a company voluntary agreement, or guiding you through bankruptcy. ",[1239],{"type":129,"attrs":1240},{"color":12},{"type":18,"content":1242},[1243,1249],{"text":1244,"type":22,"marks":1245},"With the right approach and professional help, you can come out the other end with a stronger foundation for future growth.",[1246,1247],{"type":38},{"type":129,"attrs":1248},{"color":12},{"text":775,"type":22,"marks":1250},[1251],{"type":129,"attrs":1252},{"color":12},"article-rich-text",{"_uid":1255,"text":1256,"component":1257},"d8e59cd6-f665-433a-b039-d5faac3427a6","Frequently asked questions","article-subheading",{"_uid":1259,"component":1260,"accordions":1261},"59ed2aef-bfe5-4f41-a835-842673f82dcc","app-accordion-group",[1262,1272,1282],{"_uid":1263,"text":1264,"title":1270,"component":1271},"14423e68-44c1-40d5-9980-7f85c89e83d6",{"type":15,"content":1265},[1266],{"type":18,"content":1267},[1268],{"text":1269,"type":22},"What occurs when you assert insolvency? Once you file for insolvency, the IRS will examine your forms and assess the situation. Here's a rundown of what transpires when you file for insolvency: After submitting your insolvency claim forms, the IRS will scrutinize your documents and calculations before either rejecting, querying, or approving your claim.","What happens when you claim insolvency?","app-accordion",{"_uid":1273,"text":1274,"title":1281,"component":1271},"bc965c15-441f-4eca-8b30-6ddcd111cbb3",{"type":15,"content":1275},[1276,1280],{"type":18,"content":1277},[1278],{"text":1279,"type":22},"Insolvency can manifest when an individual faces financial hardship despite owning valuable assets such as an expensive car and a large house. Factors like a costly divorce, job demotion, redundancy, or unforeseen illness or injury can dramatically impact the individual's financial stability.",{"type":18},"What is an example of insolvency?",{"_uid":1283,"text":1284,"title":1290,"component":1271},"7970af08-34fc-4944-8af3-d09ab65ed7f2",{"type":15,"content":1285},[1286],{"type":18,"content":1287},[1288],{"text":1289,"type":22},"Insolvency applies to taxpayers whose total liabilities surpass their total assets. Under the \"insolvency\" exclusion, forgiven debt may be exempted from income consideration. Generally, forgiven debts are not required to be included in income if the taxpayer meets the insolvency criteria.","Who qualifies for insolvency?",[1292],{"_uid":1293,"image":1294,"title":1301,"subtitle":12,"component":1313,"breadcrumbs":558},"7258534c-6542-4ae2-bfde-cd263bf80204",{"id":1295,"alt":1296,"name":12,"focus":12,"title":1297,"source":12,"filename":1298,"copyright":12,"fieldtype":1299,"meta_data":1300,"is_private":12,"is_external_url":543},13996632,"A gavel","Gavel","https://a.storyblok.com/f/185166/900x450/5c2c99a9e5/bankruptcy-vs-insolvency.webp","asset",{},{"type":15,"content":1302},[1303],{"type":18,"content":1304},[1305,1311],{"text":1306,"type":22,"marks":1307},"Bankruptcy vs. insolvency:",[1308],{"type":25,"attrs":1309},{"class":1310},"primary-gradient",{"text":1312,"type":22}," what’s the difference?","app-hero",{"name":1315,"created_at":1316,"published_at":1317,"updated_at":1318,"id":1319,"uuid":1320,"content":1321,"slug":1331,"full_slug":1332,"sort_by_date":34,"position":1333,"tag_list":1334,"is_startpage":543,"parent_id":1335,"meta_data":34,"group_id":1336,"first_published_at":1337,"release_id":34,"lang":730,"path":34,"alternates":1338,"default_full_slug":34,"translated_slugs":34,"_stopResolving":558},"Rachel Carey","2023-03-28T10:05:08.718Z","2025-01-28T12:05:49.815Z","2025-01-28T12:05:49.832Z",283076789,"b4ce951f-89c7-4ef6-97a8-709dc6d856e1",{"job":1322,"_uid":1323,"name":1315,"image":1324,"component":1327,"education":1328,"expertise":1329,"description":1330},"Senior Content Writer","a6e3129c-eeee-4438-8204-797883981521",{"id":1325,"alt":12,"name":12,"focus":12,"title":12,"filename":1326,"copyright":12,"fieldtype":1299,"is_external_url":543},7792663,"https://a.storyblok.com/f/185166/1199x1257/2401746255/rachel-carey.jpg","article-author","Griffith College Dublin, MA (Hons) in Journalism & Media Communications","Rachel brings over a decade of experience in media, including SEO content writing, marketing, public relations, and broadcast and print journalism.","Rachel is a Senior Content Writer at Unbiased, producing content across a range of different sectors, including personal finance, retirement, and investing. She specializes in simplifying intricate financial terms into clear, engaging content tailored for both B2C and B2B audiences.","rachel-carey","authors/rachel-carey",-10,[],224651374,"024abff2-15a6-4099-8ba2-25c01abe42e8","2023-04-03T07:50:42.397Z",[],[1340],{"_uid":1341,"body":1342,"title":1355,"component":1356},"628318e0-01e9-4c44-8673-bc4675b4f2b9",[1343,1347,1351],{"_uid":1344,"href":1345,"text":1346,"component":542,"openInNewWindow":558},"d055e550-b83f-40a9-aaea-328396a4ccc8","unbiased.com/discover/retirement-investing/investment-risk-vs-reward-whats-your-attitude","Investment risk vs reward",{"_uid":1348,"href":1349,"text":1350,"component":542,"openInNewWindow":558},"2a15c0c3-39e4-4c77-8fa9-5c662de62965","unbiased.com/discover/budgeting-savings/how-can-i-get-out-of-debt","How can I get out of debt",{"_uid":1352,"href":1353,"text":1354,"component":542,"openInNewWindow":558},"1e154aa5-f0a7-4b0a-8c64-c89ebf5ce5d5","unbiased.com/discover/budgeting-savings/how-to-choose-the-right-financial-advisor","How to choose a financial advisor","Related articles","app-links-list",{"_uid":1358,"title":750,"plugin":1359,"og_image":12,"og_title":12,"description":1360,"twitter_image":12,"twitter_title":12,"og_description":12,"twitter_description":12},"377879c3-5eff-4b96-936f-5f2cc18df622","seo_metatags","Bankruptcy and insolvency are often unser interchangeably. However, they are two different things. This help guide takes you through the meaning of the two terms and the difference between","app-article",[],[1364],"76303d8f-0f69-44d1-998e-fda02daecf8c","Bankruptcy and insolvency are often used interchangeably. However, they are two different things. A person that is bankrupt is insolvent, but being insolvent doesn’t necessarily mean bankruptcy. The terms also have different applications – for instance, insolvency generally refers to businesses, and bankruptcy to individuals. Here’s what the two words mean.",[],"bankruptcy-vs-insolvency-what-s-the-difference","discover/banking/bankruptcy-vs-insolvency-what-s-the-difference",500,[],365515562,"b05b1006-d61b-48a1-93f0-883c2f08cefa","2023-06-06T10:58:48.710Z",[],{"left":727,"top":727,"width":1376,"height":1376,"rotate":727,"vFlip":543,"hFlip":543,"body":1377},24,"\u003Cpath fill=\"currentColor\" d=\"M3.71 16.29a1 1 0 0 0-.33-.21a1 1 0 0 0-.76 0a1 1 0 0 0-.33.21a1 1 0 0 0-.21.33a1 1 0 0 0 .21 1.09a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1 1 0 0 0 .21-1.09a1 1 0 0 0-.21-.33M7 8h14a1 1 0 0 0 0-2H7a1 1 0 0 0 0 2m-3.29 3.29a1 1 0 0 0-1.09-.21a1.2 1.2 0 0 0-.33.21a1 1 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a.94.94 0 0 0 .76 0a1.2 1.2 0 0 0 .33-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1 1 0 0 0-.21-.33M21 11H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2M3.71 6.29a1 1 0 0 0-.33-.21a1 1 0 0 0-1.09.21a1.2 1.2 0 0 0-.21.33a.94.94 0 0 0 0 .76a1.2 1.2 0 0 0 .21.33a1.2 1.2 0 0 0 .33.21a1 1 0 0 0 1.09-.21a1.2 1.2 0 0 0 .21-.33a.94.94 0 0 0 0-.76a1.2 1.2 0 0 0-.21-.33M21 16H7a1 1 0 0 0 0 2h14a1 1 0 0 0 0-2\"/>",[1379,1382,1383],{"title":1380,"exact":558,"href":1381},"Home","https://www.unbiased.com",{"title":381,"exact":558,"to":394,"disabled":543},{"title":750,"exact":558,"to":1384,"disabled":558},"/discover/banking/bankruptcy-vs-insolvency-what-s-the-difference",{"left":727,"top":727,"width":733,"height":733,"rotate":727,"vFlip":543,"hFlip":543,"body":1386},"\u003Cpath fill=\"currentColor\" d=\"m181.66 133.66l-80 80a8 8 0 0 1-11.32-11.32L164.69 128L90.34 53.66a8 8 0 0 1 11.32-11.32l80 80a8 8 0 0 1 0 11.32\"/>",1775378466617]