Quote:
Originally posted by Scooter92
Black's Law Dictionary:
"Bankrupt, n. 1. A person who cannot meet current financial obligations; an insolvent person. 2. DEBTOR (2).
insolvent, adj. (Of a debtor) having liabilities that exceed the value of assets; having stopped paying debts in the ordinary course of business or being unable to pay them as they fall due. - insovent, n."
|
You are getting close, Scooter. Check for the definition of insolvent from Title 11 of US Code which is the Federal law that governs bankruptcy.