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bankruptcy

[ˈbaŋkrəptsi]

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

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'

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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.

How do native speakers use this expression?