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Struggling to pay your debt? What you must know about insolvency…

Insolvency is the state of being unable to pay outstanding debts.

A person or company can become insolvent.

The Money Show’s Bruce Whitfield interviewed Eric Levenstein (Head of the Insolvency, Business Rescue and Restructuring Department at Werksmans Attorneys) for our weekly "Make Money Mondays" feature.

Levenstein discussed everything the individual and small businesses need to know about insolvency.

Scroll down for quotes from the audio below.

You obviously want to try and put a company back in business rather than filing for insolvency.

Eric Levenstein

Once an individual is sequestrated you become an 'un-rehabilitated insolvent'. It becomes extremely difficult to ever get credit.

Eric Levenstein

Insolvency is not a pleasant prospect for the managers of these entities.

Eric Levenstein

An individual can only become insolvent if it’s in her or his creditors’ interest.

Eric Levenstein

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