{"id":28043,"date":"2020-12-09T18:25:58","date_gmt":"2020-12-09T18:25:58","guid":{"rendered":"https:\/\/nomoredebts.org\/?page_id=28043"},"modified":"2021-08-26T21:07:02","modified_gmt":"2021-08-26T21:07:02","slug":"bankruptcy-vs-insolvency-difference","status":"publish","type":"page","link":"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\/bankruptcy-vs-insolvency-difference","title":{"rendered":"Bankruptcy VS Insolvency Difference &#8211; Bankruptcy Definitions"},"content":{"rendered":"\n[et_pb_section fb_built=&#8221;1&#8243; admin_label=&#8221;Banner Image with Heading and Text&#8221; module_class=&#8221;vertical-align&#8221; _builder_version=&#8221;4.7.4&#8243; background_color=&#8221;#e7dff3&#8243; use_background_color_gradient=&#8221;on&#8221; background_color_gradient_start=&#8221;rgba(91,37,175,0.44)&#8221; background_color_gradient_end=&#8221;rgba(91,37,175,0)&#8221; background_color_gradient_type=&#8221;radial&#8221; background_color_gradient_start_position=&#8221;15%&#8221; background_color_gradient_end_position=&#8221;70%&#8221; background_color_gradient_overlays_image=&#8221;on&#8221; background_image=&#8221;\/wp-content\/uploads\/2020\/08\/unsecured-vs-secured-debts_hero.jpg&#8221; min_height=&#8221;550px&#8221; bottom_divider_style=&#8221;wave2&#8243; bottom_divider_color=&#8221;#ffffff&#8221; bottom_divider_height_tablet=&#8221;70px&#8221; bottom_divider_height_phone=&#8221;50px&#8221; bottom_divider_height_last_edited=&#8221;on|phone&#8221; hover_enabled=&#8221;0&#8243; background_last_edited=&#8221;on|phone&#8221; background_size_phone=&#8221;cover&#8221; background_position_tablet=&#8221;top_center&#8221; background_position_phone=&#8221;top_center&#8221; sticky_enabled=&#8221;0&#8243; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221; da_disable_devices=&#8221;off|off|off&#8221;][et_pb_row custom_padding_last_edited=&#8221;on|phone&#8221; admin_label=&#8221;Row&#8221; _builder_version=&#8221;4.4.2&#8243; background_enable_image=&#8221;off&#8221; max_width=&#8221;100%&#8221; custom_margin=&#8221;||||false|false&#8221; custom_padding=&#8221;||80px||false|false&#8221; custom_padding_tablet=&#8221;&#8221; custom_padding_phone=&#8221;&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.4.2&#8243;][et_pb_text admin_label=&#8221;Heading&#8221; _builder_version=&#8221;4.5.3&#8243; text_font=&#8221;|600|||||||&#8221; text_font_size=&#8221;42px&#8221; text_line_height=&#8221;1em&#8221; text_orientation=&#8221;center&#8221; background_layout=&#8221;dark&#8221; module_alignment=&#8221;center&#8221; custom_margin=&#8221;||26px|||&#8221; animation_direction=&#8221;top&#8221; text_text_shadow_style=&#8221;preset2&#8243;]Bankruptcy vs Insolvency[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.6.5&#8243; _module_preset=&#8221;default&#8221; admin_label=&#8221;Popup &#8211; #undefined&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221; da_disable_devices=&#8221;off|off|off&#8221;][et_pb_row _builder_version=&#8221;4.6.5&#8243; _module_preset=&#8221;default&#8221;][et_pb_column type=&#8221;4_4&#8243; _builder_version=&#8221;4.6.5&#8243; _module_preset=&#8221;default&#8221;][et_pb_text _builder_version=&#8221;4.7.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<h1>What\u2019s the Difference Between Bankruptcy and Insolvency?<\/h1>\nThese two words, insolvency and bankruptcy, can be quite confusing if you\u2019re not sure what they mean. However, they go together and are related.\u00a0Below is a clear distinction of <strong>bankruptcy vs insolvency<\/strong>:\n<ul>\n\t<li><span style=\"color: #000000;\">Someone is said to be \u201cinsolvent\u201d when they owe more than $1,000 and can\u2019t pay their debts according to how they are supposed to be paid.<\/span><\/li>\n\t<li><span style=\"color: #000000;\">When someone is insolvent, they may choose to<\/span> <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/do-you-need-to-claim-declare-file-apply-for-bankruptcy-go-bankrupt-step-1\" target=\"_blank\" rel=\"noopener\">claim bankruptcy<\/a> <span style=\"color: #000000;\">or<\/span> <a href=\"https:\/\/nomoredebts.org\/debt-help\/consumer-proposal-canada\">file a Consumer Proposal<\/a><span style=\"color: #000000;\">.<\/span><\/li>\n\t<li><span style=\"color: #000000;\">Sometimes bankruptcy is referred to as insolvency.<\/span><\/li>\n<\/ul>\n<h2>Get Help with Insolvency Issues\u00a0&amp; Bankruptcy Information<\/h2>\nIf you are struggling to <a href=\"https:\/\/nomoredebts.org\/debt-help\/debt-repayment-and-bankruptcy-solutions\" target=\"_blank\" rel=\"noopener\">pay your debts<\/a> and aren\u2019t sure if you need to file for bankruptcy, we will help you <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-alternatives-consumer-proposal-consolidation-settlement-dmp\" target=\"_blank\" rel=\"noopener\">look at all of your options<\/a>. One of our Credit Counsellors will answer your questions and provide you with guidance and information so that you can make an informed decision.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=&#8221;1&#8243; _builder_version=&#8221;4.7.4&#8243; _module_preset=&#8221;default&#8221; admin_label=&#8221;Popup &#8211; #undefined&#8221; background_color=&#8221;#e7dff3&#8243; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243; top_divider_style=&#8221;wave2&#8243; top_divider_flip=&#8221;horizontal&#8221; top_divider_height_last_edited=&#8221;on|phone&#8221; top_divider_height_tablet=&#8221;70px&#8221; top_divider_height_phone=&#8221;50px&#8221; custom_padding=&#8221;135px||||false|false&#8221; custom_padding_last_edited=&#8221;on|phone&#8221; custom_padding_tablet=&#8221;125px||||false|false&#8221; custom_padding_phone=&#8221;90px||||false|false&#8221; prev_background_color=&#8221;#ffffff&#8221; da_is_popup=&#8221;off&#8221; da_exit_intent=&#8221;off&#8221; da_has_close=&#8221;on&#8221; da_alt_close=&#8221;off&#8221; da_dark_close=&#8221;off&#8221; da_not_modal=&#8221;on&#8221; da_is_singular=&#8221;off&#8221; da_with_loader=&#8221;off&#8221; da_has_shadow=&#8221;on&#8221; da_disable_devices=&#8221;off|off|off&#8221;][et_pb_row _builder_version=&#8221;4.7.4&#8243; _module_preset=&#8221;default&#8221;][et_pb_column _builder_version=&#8221;4.7.4&#8243; _module_preset=&#8221;default&#8221; type=&#8221;4_4&#8243;][et_pb_text _builder_version=&#8221;4.7.4&#8243; _module_preset=&#8221;default&#8221; hover_enabled=&#8221;0&#8243; sticky_enabled=&#8221;0&#8243;]<h3>Contact Us for More Information About Bankruptcy vs Insolvency &#8211; Free Credit Counselling Appointments<\/h3>\nIf you are struggling to pay your debts and aren\u2019t sure if you need to <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/do-you-need-to-claim-declare-file-apply-for-bankruptcy-go-bankrupt-step-1\" target=\"_blank\" rel=\"noopener\">file for bankruptcy<\/a>, get help determining your options.  We can also go into more detail about <a href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\" target=\"_blank\" rel=\"noopener\"><strong>bankruptcy definitions<\/strong><\/a>. One of our Credit Counsellors will answer your questions and provide you with guidance and information so that you can make an informed decision. <a href=\"https:\/\/nomoredebts.org\/contact-us\">Contact us<\/a> today by phone at 1-888-527-8999, <a href=\"mailto:info@nomoredebts.org\">by email<\/a> or <a href=\"https:\/\/nomoredebts.org\/contact-us\" target=\"_blank\" rel=\"noopener\">chat with us online<\/a> now.\n\nIf you would like a bankruptcy definition added to this section please <a href=\"mailto:info@nomoredebts.org\">email us<\/a>.[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section]\n","protected":false},"excerpt":{"rendered":"<p>Bankruptcy vs InsolvencyWhat\u2019s the Difference Between Bankruptcy and Insolvency? These two words, insolvency and bankruptcy, can be quite confusing if you\u2019re not sure what they mean. However, they go together and are related.\u00a0Below is a clear distinction of bankruptcy vs insolvency: Someone is said to be \u201cinsolvent\u201d when they owe more than $1,000 and can\u2019t [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"parent":28031,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"class_list":["post-28043","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.8 (Yoast SEO v24.8.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bankruptcy VS Insolvency Difference - Bankruptcy Definitions<\/title>\n<meta name=\"description\" content=\"Know the difference between bankruptcy &amp; insolvency. Read this short bankruptcy definition &amp; call us for more info. 1-888-527-8999.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\/bankruptcy-vs-insolvency-difference\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bankruptcy VS Insolvency Difference - Bankruptcy Definitions\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nomoredebts.org\/debt-help\/bankruptcy\/bankruptcy-definitions-glossary\/bankruptcy-vs-insolvency-difference\" \/>\n<meta property=\"og:site_name\" content=\"Credit Counselling Society\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/nomoredebts\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-26T21:07:02+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@CrdtCounselSoc\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Bankruptcy VS Insolvency Difference - Bankruptcy Definitions","description":"Know the difference between bankruptcy & insolvency. 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