WordWeb Online

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";
   - failure
    
3. (law) a legal process intended to insure equality among the creditors of a corporation declared to be insolvent

Derived forms: bankruptcies

Type of: failure, insolvency, legal proceeding, proceeding, proceedings

Encyclopedia: Bankruptcy, Moral Aspect of