A person who has no money to pay off his debtsOut of the given alternatives, choose the one which can be substituted for the given words/sentence. A. DebtorB. PauperC. BeggarD. Insolvent (2024)

FAQs

A person who has no money to pay off his debtsOut of the given alternatives, choose the one which can be substituted for the given words/sentence. A. DebtorB. PauperC. BeggarD. Insolvent? ›

D) Insolvent- It refers to a trait where the person is incapable to pay back the amount that he/she has borrowed from others. Therefore the correct answer is option 'D'. Insolvent is a person who has no money to pay off his debts.

'A person who is unable to pay his/her debt is called a 'bankrupt. '

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.

Bankrupt is used for a person who is unable to repay his/her debts. We observe that the meaning of bankrupt matches the description in the given sentence.

If they don't pay off their debt because they can't afford to pay, because they can only afford the necessities for life, it is bankrupt. If they run away from paying a debt, it is an absconder. If they refuse to pay, in most cases a gambling debt, it is welcher. There is also a term for those in debt, debtor.

1. Poor, impecunious, impoverished, penniless refer to those lacking money.

A debtor is a company or individual who owes money. The debtor is referred to as a borrower when the debt is in the form of a loan from a financial institution and as an issuer if the debt is in the form of securities such as bonds.

Eventually, unpaid debts are charged off – meaning the creditor writes them off as a loss. That doesn't mean the debt disappears, however, or that you no longer owe the money. 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.

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.

What's another word for not paying? ›

nonpaying (adjective as in in the red) Weak matches. at a loss bankrupt behindhand defaulting delinquent in arrears in debt in dire straits in hock in the hole insolvent losing money to the bad unprofitably.

Insolvency is a state of financial distress in which a person or business is unable to pay their debts. Insolvency is when liabilities are greater than the value of the company, or when a debtor cannot pay the debts they owe.

Insolvency According to the Uniform Commercial Code

Being unable to pay debts as they become due, or. Being insolvent within the meaning of federal bankruptcy law.

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

Insolvent- unable to pay debts owed. Corrupt- having or showing a willingness to act dishonestly in return for money or personal gain.

arrears indebtedness liability obligation outstanding debt unpaid bill unpaid debt.

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.

They default and then the account is sent to collections. Lenders can place leans on property or wage/income garnishments to recoup their funds. Nothing happens to the person. They may get harassing phone calls from a debt collector, but very little more.

Insolvent- unable to pay debts owed.

Meaning of debt-free in English

not owing money: The company's virtually debt-free status gives it the flexibility to consider larger deals. (Definition of debt-free from the Cambridge Business English Dictionary © Cambridge University Press)