bankruptcy

bank-rupt-cy · noun

imported

Definitions

noun

  1. 1.

    The legal status of a person or organization that cannot repay debts.

  2. 2.

    The state of being completely lacking in a particular quality.

Forms

plural: bankruptcies

Phrases & expressions

  • •
    file for bankruptcy — To formally declare inability to pay debts.
  • •
    declare bankruptcy — To legally announce insolvency.
  • •
    bankruptcy court — A court that handles insolvency cases.
  • •
    Chapter 11 bankruptcy — U.S. reorganization bankruptcy.
  • •
    Chapter 7 bankruptcy — U.S. liquidation bankruptcy.

Related words

Antonyms: prosperity, solvency
See also: bankrupt, debt, insolvency
Synonyms: financial ruin, insolvency, liquidation

Etymology

From bankrupt + -cy, formed in English in the 16th century.