Bankrupt - Definition - Law Dictionary Home Dictionary Definition bankrupt

bankrupt

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: a debtor (as an individual or organization) whose property is subject to administration under the bankruptcy laws for the benefit of the debtor's creditors [was adjudicated a ] — see also debtor
adj : ruined financially
;esp
: judicially declared a bankrupt [the company is ] compare insolvent
vt : to reduce to bankruptcy [was ed by attorney's fees]