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  1. Dictionary
    bank·rupt·cy
    /ˈbaNGkrəp(t)sē/

    noun

    • 1. the state of being bankrupt: "many companies were facing bankruptcy"
    • 2. the state of being completely lacking in a particular quality or value: "the moral bankruptcy of turning away desperate people"

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  2. www.investopedia.com › terms › bBankruptcy Explained: Types and How It Works - Investopedia

    May 24, 2024 · Bankruptcy is a legal proceeding carried out to free individuals or businesses from their debts. Creditors still have an opportunity for repayment with the bankruptcy...

  3. en.wikipedia.org › wiki › BankruptcyBankruptcy - Wikipedia

    Bankrupt is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency.

  4. www.britannica.com › money › bankruptcyBankruptcy | Definition, History, Examples, & Facts | Britannica...

    4 days ago · bankruptcy, the status of a debtor who has been declared by judicial process to be unable to pay his debts. Although sometimes used indiscriminately to mean insolvency, the terms have distinct legal significance. Insolvency, as used in most legal systems, indicates the inability to meet debts.

  5. www.nerdwallet.com › article › financeWhat Is Bankruptcy? Definition, Types and What to Know

    Nov 21, 2023 · Bankruptcy is a legal tool to help you manage overwhelming debt. Common types include Chapter 7 and Chapter 13. Learn whether bankruptcy is right for you.

  6. www.merriam-webster.com › dictionary › bankruptcyBankruptcy Definition & Meaning - Merriam-Webster

    The meaning of BANKRUPTCY is the quality or state of being bankrupt. How to use bankruptcy in a sentence.

  7. dictionary.cambridge.org › dictionary › englishBANKRUPTCY | English meaning - Cambridge Dictionary

    BANKRUPTCY definition: 1. a situation in which a business or a person becomes bankrupt: 2. the fact of good qualities…. Learn more.

  8. www.nolo.com › legal-encyclopedia › what-is-bankruptcyWhat Is Bankruptcy? | Nolo

    Jun 9, 2022 · Bankruptcy works as a safety net for individuals, families, and businesses by helping them get back on their feet financially when overwhelmed by debt. For many, filing bankruptcy is a natural step after an unexpected event like a job loss, illness, or divorce.

  9. www.forbes.com › advisor › debt-reliefWhat Is Bankruptcy? – Forbes Advisor

    Feb 7, 2022 · Bankruptcy is a legal process that lets individuals or businesses overburdened with debt eliminate debts and start fresh or, in some cases, work out deals with creditors...

  10. www.dictionary.com › browse › bankruptcyBANKRUPTCY Definition & Meaning | Dictionary.com

    noun. the state, condition, or quality of being or becoming bankrupt. bankruptcy. Legally declared insolvency, or inability to pay creditors. Discover More. Notes.

  11. www.debt.org › bankruptcyBankruptcy: How It Works and Consequences - Debt.org

    Bankruptcy is a proceeding where a judge and court-appointed trustee examine the assets and liabilities of individuals, partnerships and businesses who’ve concluded they can’t pay their debts. Experts say it should be a last resort to settle your financial woes.