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lets assume that on the first of August John loses his job and will no longer have an income stream furthermore well also assume he has no savings no assets and is also in debt with his personal loan payment being due on the 25th of each month as soon as he lost his job and noticed he had no savings John became insolvent in other words insolvency is a state of being in which youre incapable of meeting your financial obligations so as of the 1st of August we can say that John is insolvent then the 25th comes along and of course John will not be able to make his loan payment as of that point he is also in default or to put it differently a default is a specific event in which the debtor fails to make an agreed-upon payment to his creditor at an agreed-upon time next John realizes that his situation is desperate and ends up deciding to file for bankruptcy where bankruptcy being a legal process usually initiated by the debtor who declares himself unable to meet his financial obligations
