Can the bank pay my insolvent?
I usually loan to people because I need cash as soon as possible. My family needs the money for the medical attention of my mother who is from another country. That is why I work hard and at the same time loan from agencies and not the bank. I have a bank account though, now I have a lot of debt to pay. At the same time the bank that I am accumulating gave me a letter. Can the bank pay for the insolvency that I have?
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First of all you need to know that you can be insolvent without being bankrupt, but you can’t be bankrupt without being insolvent. There are different insolvency, it can be Balance Sheet Insolvency, Cash Flow Insolvency. Banks can help you with your insolvency but you need to call them for more information on how they can help you