bankruptcy

[ bangk-ruhpt-see, -ruhp-see ]

noun

, plural bank·rupt·cies.

1. the state of being or becoming bankrupt.
2. utter ruin, failure, depletion, or the like.

bankruptcy

/ ˈbæŋkrʌptsɪ; -rəptsɪ /

noun

1. the state, condition, or quality of being or becoming bankrupt

bankruptcy

1. Legally declared insolvency, or inability to pay creditors .

Notes

If an individual or a corporation declares bankruptcy, a court will appoint an official to make an inventory of the individual's or corporation's assets and to establish a schedule by which creditors can be partially repaid what is owed them.

An individual who is lacking a specific resource or quality is sometimes said to be bankrupt, as in intellectually bankrupt or morally bankrupt.

Other Words From

• pre·bankrupt·cy noun plural prebankruptcies

Word History and Origins

Origin of bankruptcy¹

First recorded in 1690–1700; bankrupt + -cy

Example Sentences

“I just got word 15 minutes ago that my lawyers and folks met with the U.S. trustee over our bankruptcy this morning and they said they are shutting us down even without a court order this morning,” he wrote on social media.

From Salon

The Sandy Hook lawsuit drove Jones to bankruptcy, and a Houston judge ruled that Infowars and other assets owned by Jones could be auctioned off to pay off his creditors.

From Salon

The Onion, a satirical news site that satirizes current affairs and the journalists who cover it, said on Thursday that it had won the bankruptcy auction to control Infowars and other media outlets founded by Alex Jones, a far-right peddler of conspiracy theories.

From Salon

In the real world, he's a failed businessman who repeatedly filed for bankruptcy after losses so huge that even decades of fraud and two cash infusions amounting to nearly a billion dollars couldn't safeguard him.

From Salon

With his acting career fading and most of his fortune gone, the 75-year-old has been fighting to stave off bankruptcy and keep the park open — including selling his two apartments and a yacht and moving into the park.

From Los Angeles Times

Related Words

• default
• disaster
• failure
• insolvency
• liquidation
• loss