Consolidating company liquidation

If you can’t meet minimum monthly payments on your credit cards and you don’t try to work out a solution with the card company, you’ll almost certainly hear from debt collectors.Think of insolvency as the trigger for financial hardship.Cash flow, or equitable, insolvency impacts both businesses and individuals.Usually it occurs when they’ve exhausted other ways of resolving debt.If you have a credit card payment due, you might be able to liquidate an asset like a lawnmower to pay a debt and avoid cash-flow insolvency, at least for the moment.When you run out of assets to sell and places to borrow money, and your income isn’t enough to cover your debts, you’ll probably be forced to negotiate a payment agreement with your creditors, either directly or through a debt management firm.To make things a little more complicated, insolvency comes in two flavors.The first, called “cash-flow insolvency,” occurs when an insolvent debtor can’t make a payment because he doesn’t have the money.

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For example, if you own a house and don’t pay the mortgage, you’ll go into default that can soon lead to foreclosure.You can be insolvent without being bankrupt, but you can’t be bankrupt without being insolvent. Many people think of the two as the same thing, but they are very different.Insolvency is a problem that bankruptcy is designed to solve.Deciding what to do about this type of insolvency requires taking a cash-flow test.The debtor needs to evaluate current and future cash flows to determine whether your income is enough to cover debt payments.

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