bankruptcy meaning and definition

BANKRUPTCY noun

Definition of bankruptcy (noun)

1. a state of complete lack of some abstract property
   • "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
2. inability to discharge all your debts as they come due
   • "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
   • synonyms: failure
3. a legal process intended to insure equality among the creditors of a corporation declared to be insolvent