bankruptcy Definition
- 1the state of being completely lacking in a particular quality or value
- 2a legal process for dealing with debt problems of individuals and businesses; specifically, a case filed under one of the chapters of title 11 of the United States Code (the Bankruptcy Code)
Using bankruptcy: Examples
Take a moment to familiarize yourself with how "bankruptcy" can be used in various situations through the following examples!
Example
The company was forced into bankruptcy after it failed to pay its debts.
Example
He was declared bankrupt after his business collapsed.
Example
The country's economy is on the brink of bankruptcy.
bankruptcy Synonyms and Antonyms
Synonyms for bankruptcy
Antonyms for bankruptcy
- solvent
- success
Phrases with bankruptcy
to initiate the legal process of declaring oneself or one's business bankrupt
Example
The company had to file for bankruptcy after it became clear that it could not pay its debts.
a type of bankruptcy that allows individuals to discharge their debts and start anew
Example
After losing his job and accumulating a large amount of debt, he decided to file for personal bankruptcy.
a legal status that protects a company from creditors while it reorganizes or liquidates its assets
Example
The company sought bankruptcy protection in order to restructure its operations and reduce its debt.
Origins of bankruptcy
from Italian 'banca rotta', meaning 'broken bench'
Summary: bankruptcy in Brief
The term 'bankruptcy' [ˈbaŋkrəptsi] refers to the state of being completely lacking in a particular quality or value, as well as a legal process for dealing with debt problems of individuals and businesses. Examples include 'The company was forced into bankruptcy after it failed to pay its debts.' and 'He was declared bankrupt after his business collapsed.' Phrases like 'file for bankruptcy' and 'personal bankruptcy' denote specific legal procedures.
