Insolvency is the opposite state of “solvent” The definition of “solvent” is:

A person who can settle his or her debts, as and when they fall due.

That definition implies that as an account is received into your household you should have the funds available to meet full payment on the due date.

The definition of “insolvency” is:

A person who is not solvent is insolvent.

By definition it implies that if you cannot meet your accounts as and when they fall due you are not solvent and therefore technically bankrupt.