A person who is unable to pay his debts, is called_______. poorsolventinsolventwell to do (2024)

FAQs

What do you call a person who doesn't pay their debt? ›

When a person cannot repay a loan or the money that he has borrowed, he is said to be a 'bankrupt'. Thus option A is the correct answer. 'A person who is unable to pay his/her debt is called a 'bankrupt. '

The one who is unable to pay one's debt is bankrupt or insolvent. (

In accounting, insolvency is the state of being unable to pay the debts, by a person or company (debtor), at maturity; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency.

Insolvent- unable to pay debts owed.

A person or firm whose liabilities exceed the value of owned assets is termed as insolvent. It is the inabilities of the company or person to pay liabilities as they become due.

Insolvency is a state of financial distress in which a person or business is unable to pay their debts.

Consider consulting with a debt-relief lawyer to get more information if you need help deciding which course of action is best. Again, if you have a lot of debts you can't pay, you might also want to consider filing for bankruptcy. In that situation, you'll want to talk to a bankruptcy lawyer.

The creditor may transfer the debt to an in-house collection department or they may sell the debt to a third party debt collection agency. A debt collection agency may buy the debt for a fraction of its value (they may pay $2,000 for a $10,000 debt, for example), but they have the right to collect the debt in full.

Default is the failure to make required interest or principal repayments on a debt, whether that debt is a loan or a security. Individuals, businesses, and even countries can default on their debt obligations.

arrears balance due indebtedness liability obligation outstanding debt unpaid bill.

What is a word for unable to pay? ›

Adjective. Unable to pay debts owed. insolvent. bankrupt. liquidated.

Explanation: Bankrupt is defined as "unable to pay any debts." It is a term used in the field of business and economics.

Insolvent is a person who has no money to pay off his debts.

Generally speaking, insolvency refers to situations where a debtor cannot pay the debts they owe. For instance, a troubled company may become insolvent when it is unable to repay its creditors money owed on time, often leading to a bankruptcy filing.

[ ded-beet ] Phonetic (Standard) IPA.

One word that can be substituted for the phrase ''A person who has no money to pay off his debts" is option D, insolvent.

On this page you'll find 8 synonyms, antonyms, and words related to unpaid debt, such as: arrears, balance due, indebtedness, liability, obligation, and outstanding debt.

A debtor is someone who owes a debt or obligation to someone else.

A debtor is a person or organisation that owes money. This will often be owed for services or goods, or because they have borrowed money. In most instances, the debtor will have a legal obligation to pay the debt.