bank
rupt
cy
1
a situation in which a person or business is unable to pay due debts
- The company declared bankruptcy after years of financial losses.
- She filed for bankruptcy to manage her overwhelming debt.
- Bankruptcy can provide a fresh start for individuals in severe debt.
- He avoided bankruptcy by negotiating with his creditors.
- The risk of bankruptcy increased as the market conditions worsened.
Synonyms:
2
a state of complete lack of some abstract property
3
a legal process intended to insure equality among the creditors of a corporation declared to be insolvent