Simple Definition of bankruptcy
: the condition of being bankrupt : a condition of financial failure caused by not having the money that you need to pay your debts
: an occurrence in which a person, business, etc., goes bankrupt
: the condition of completely lacking a good or desired quality
Full Definition of bankruptcy
1 : the quality or state of being bankrupt
2 : utter failure or impoverishment
Examples of bankruptcy
The company is facing bankruptcy.
The company was forced into bankruptcy.
The number of bankruptcies was especially high last year.
Critics view the decision as an example of moral bankruptcy on the part of the administration.
First Known Use of bankruptcy
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