Bankruptcy - Definition
bankruptcy
n 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" [syn: bankruptcy, failure]
3: a legal process intended to insure equality among the
creditors of a corporation declared to be insolvent