Difference between Insolvent and Bankrupt

What is the difference between Insolvent and Bankrupt?

Insolvent as an adjective is unable to pay one's bills as they fall due. while Bankrupt as an adjective is having been legally declared insolvent.

Insolvent

Part of speech: adjective

Definition: Unable to pay one's bills as they fall due. Owing more than one has in assets.

Bankrupt

Part of speech: verb

Definition: To force into bankruptcy.

Part of speech: adjective

Definition: having been legally declared insolvent.

Example sentence: We live in a society that, for the most part, is morally and spiritually bankrupt. Our culture is a culture of consumerism. How sustainable is that?

We hope you now know whether to use Insolvent or Bankrupt in your sentence.

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