4 ms·

'in debt' is not the same as 'negative net assets'

• WarOnPrivacy 5y ago
  Awesome. What category would encompass both of those?
  • bhelkey 5y ago
    One could still have a mortgage. Depending on the interest rate, it might not make sense to pay it off faster than the term length.
  • pfdietz 5y ago
    My brother died with a $60K tax liability and little in the way of assets. No one could be bothered to be an executor for his estate -- taxes owed always have top priority, and there would be nothing left after that -- not even the people he was renting a house from that he had seriously damaged (they tried some silly legal posturing to try to get us to take responsibility for that; haha no thanks.) I think his car just disappeared at some point.
  • rahimnathwani 5y ago
    The latter is a subset of the former. So 'in debt' is the union, and 'negative net assets' is the intersection.