 | Bankruptcy | Insolvency |
|---|---|---|
| Initiated by | The individual | |
| Who has control of real estate | The individual | |
| Impact on credit | Varies. Can improve very low credit due to removal of debts. Remains on report for 10 years. | |
| Future loans | Must report on future loan applications | |
| Restrictions on future home purchases | No restrictions | |
| Introduction (from Wikipedia) | Insolvency is the state of being unable to pay the money owed, by a person or company, on time; those in a state of insolvency are said to be insolvent. There are two forms: cash-flow insolvency and balance-sheet insolvency. |
Add content for Bankruptcy vs. Insolvency or review and improve the comparison table above.