bankruptcy

[ bangk-ruhpt-see, -ruhp-see ]

noun

, plural bank·rupt·cies.

1. the state of being or becoming bankrupt.
2. utter ruin, failure, depletion, or the like.

bankruptcy

/ -rəptsɪ; ˈbæŋkrʌptsɪ /

noun

1. the state, condition, or quality of being or becoming bankrupt

bankruptcy

1. Legally declared insolvency, or inability to pay creditors .

Notes

If an individual or a corporation declares bankruptcy, a court will appoint an official to make an inventory of the individual's or corporation's assets and to establish a schedule by which creditors can be partially repaid what is owed them.

An individual who is lacking a specific resource or quality is sometimes said to be bankrupt, as in intellectually bankrupt or morally bankrupt.

Other Words From

• pre·bankrupt·cy noun plural prebankruptcies

Word History and Origins

Origin of bankruptcy¹

First recorded in 1690–1700; bankrupt + -cy

Example Sentences

A Delaware judge on Friday gave the green light to Simon to become part owner of Brooks Brothers, the two-centuries-old menswear retailer that was tipped into bankruptcy last month by the coronavirus pandemic.

From Ozy

A huge portion of consumer bankruptcies involve at least some amount of gambling that occurs.

From Freakonomics

During the first half of 2020, total bankruptcy filings — the vast majority of which were by individuals — were actually down 23 percent relative to the first half of 2019, according to court data from Epiq AACER.

From FiveThirtyEight

Doing a few things that would slow down any sort of bankruptcy proceedings for any particular companies is probably the right thing.

From Freakonomics

Last year, Purdue filed for bankruptcy, but not before members of the Sackler family, the company’s owners, redirected more than $10 billion from the firm’s accounts into their own.

From Freakonomics

Real Housewives of New Jersey star Teresa Giudice turned herself in to serve a 15-month sentence for bankruptcy fraud.

From The Daily Beast

Slim turned Bush down, and Lehman filed for bankruptcy in September 2008, just weeks before the presidential election.

From The Daily Beast

So while mourning the closing of De Robertis, consider that we might someday mourn the bankruptcy of whatever chain replaces it.

From The Daily Beast

“Half of the stuff is gone because my wife took it, you know,” Roger Williams said during a bankruptcy-related hearing.

From The Daily Beast

This was a series that traded the glorification of moral bankruptcy for family values.

From The Daily Beast

The financial burden of the war, as the full measure of it dawned upon our minds, seemed to betoken a universal bankruptcy.

From Project Gutenberg

After one month, and within a year from the adjudication of bankruptcy, the bankrupt may apply for a discharge.

From Project Gutenberg

Another act of bankruptcy is to convey, transfer, conceal or remove property with the intention to defraud creditors.

From Project Gutenberg

The federal Bankruptcy Act prescribes what property passes to the trustee and also what is exempt.

From Project Gutenberg

Every debt which may be recovered either at law or in equity may be proved in bankruptcy.

From Project Gutenberg

Related Words

• default
• disaster
• failure
• insolvency
• liquidation
• loss