Definition of bankruptcy
1 : the quality or state of being bankrupt
2 : utter failure or impoverishment
Examples of bankruptcy in a Sentence
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.
Recent Examples of bankruptcy from the Web
An active Congress under President George W. Bush had made progress on campaign finance legislation and bankruptcy changes, among other issues.
Rossello’s administration is now is in the midst of restructuring a portion of a $73 billion public debt load through a bankruptcy-like process in federal court.
Just a couple of years after Mr. Gilbert became the music director in New York, the venerable Philadelphia Orchestra filed for bankruptcy protection.
In need of a new finance arm after the financial crisis and a trip through bankruptcy, the Detroit automaker acquired the Fort Worth company for $3.5 billion.
Retail has already seen more bankruptcies in the first few months of this year than in all of 2016, and more are likely to come, according to AlixPartners.
See the current figure for yourself at www.kha-net.org/. Willoughby poo-poos the idea that the lost $1.8 billion caused the recent bankruptcy of Mercy hospital at Independence, Kan. and is now forcing the sale of St. Francis Health in Topeka.
Barrack had worked for an oil baron who sold the iconic Plaza Hotel to Trump for $410 million, which Trump later acknowledged was too high, eventually forcing him to put the property into bankruptcy.
Business Insider recently used data from F&D Reports to determine which companies are most vulnerable to economic downturns that could result in massive closures or more aggressive alternatives, such as bankruptcy.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'bankruptcy'. Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of bankruptcy
BANKRUPTCY Defined for English Language Learners
Definition of bankruptcy for English Language Learners
: 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
BANKRUPTCY Defined for Kids
Definition of bankruptcy for Students
: the state of not having enough money to pay debts The company faces bankruptcy.
Legal Definition of bankruptcy
1 : the quality or state of a bankrupt filed for bankruptcy
2 : the administration of an insolvent debtor's property by the court for the benefit of the debtor's creditors the debt was discharged in bankruptcy bankruptcy proceedings — see also adequate protection, Bankruptcy Code — compare insolvency, receivership
Additional Notes on bankruptcy
Bankruptcy protects the debtor from debt collection by creditors. A debtor may file for bankruptcy, which is called “voluntary bankruptcy,” or a creditor may petition the court to declare the debtor bankrupt, which is called “involuntary bankruptcy.” Involuntary bankruptcy is allowed only under chapter 7 or chapter 11 of the U.S. Bankruptcy Code. There are four types of relief available to individuals or corporations under the Bankruptcy Code: liquidation (chapter 7), reorganization (chapter 11), debt adjustment for a family farmer or fisherman (chapter 12), and debt adjustment for an individual with a regular income (chapter 13). Municipalities may file for bankruptcy under chapter 9. The court determines which debts are to be repaid according to their priority, and the debtor is typically granted a discharge from unpaid debts that are dischargeable under the Bankruptcy Code.
Seen and Heard
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