Bank·rupt·cy n.; pl. Bankruptcies
1. The state of being actually or legally bankrupt.
2. The act or process of becoming a bankrupt.
3. Complete loss; -- followed by of.
n 1: a state of complete lack of some abstract property;
"spiritual bankruptcy"; "moral bankruptcy";
2: inability to discharge all your debts as they come due; "the
company had to declare bankruptcy"; "fraudulent loans led
to the failure of many banks" [syn: failure]
3: a legal process intended to insure equality among the
creditors of a corporation declared in bankruptcy