Bank·rupt, a.
 1. Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.
 2. Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.
 3. Relating to bankrupts and bankruptcy.
 4. Destitute of, or wholly wanting (something once possessed, or something one should possess). “Bankrupt in gratitude.”
 Bankrupt law, a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. See Insolvent, a.


 In·sol·vent a.  Law (a) Not solvent; not having sufficient estate to pay one's debts; unable to pay one's debts as they fall due, in the ordinary course of trade and business; as, in insolvent debtor. (b) Not sufficient to pay all the debts of the owner; as, an insolvent estate. (c) Relating to persons unable to pay their debts.
 Insolvent law, or Act of insolvency, a law affording relief, -- subject to various modifications in different States, -- to insolvent debtors, upon their delivering up their property for the benefit of their creditors; bankruptcy law.  See Bankrupt law, under Bankrupt, a.