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- DictionaryBank·rupt/ˈbaNGkrəpt/
adjective
- 1. (of a person or organization) declared in law unable to pay outstanding debts: "his father went bankrupt and the family had to sell their home"
- 2. completely lacking in a particular quality or value: "their cause is morally bankrupt"
noun
- 1. a person judged by a court to be insolvent, whose property is taken and disposed of for the benefit of creditors.
verb
- 1. reduce (a person or organization) to bankruptcy: "the strike nearly bankrupted the union"
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Learn the meaning of bankrupt as an adjective, noun and verb in English, with synonyms, related words and phrases. See how to use bankrupt in sentences from different sources and contexts.
Learn the meaning of bankrupt as a noun, adjective, and verb, with synonyms, examples, and word history. Find out how to use bankrupt in a sentence and how it differs from related words like deplete, drain, and exhaust.
Learn the meaning of bankrupt as an adjective, noun and verb in English, with examples of usage and synonyms. Find out how to pronounce bankrupt and how to say it in different languages.
- What Is Bankruptcy?
- How Bankruptcy Works
- What Are The Types of Bankruptcy Filings?
- Being Discharged from Bankruptcy
- Advantages and Disadvantages of Bankruptcy
- Alternatives to Bankruptcy
- The Bottom Line
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Bankruptcy is a legal proceeding initiated when a person or business cannot repay outstanding debts or obligations. It offers a fresh start for people who can no longer afford to pay their bills. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common. All of the debto...
Bankruptcy offers an individual or business a chance to start fresh by forgiving debts that they can't pay. Meanwhile, creditors have a chance to get some repayment based on the individual's or business's assets available for liquidation. In theory, the ability to file for bankruptcy benefits the overall economy by allowing people and companies a s...
Bankruptcy filings in the United States are categorized by which chapter of the Bankruptcy Code applies. For example, Chapter 7 involves the liquidation of assets, Chapter 11 deals with company or individual reorganizations, and Chapter 13arranges for debt repayment with lowered debt covenants or specific payment plans.
When a debtor receives a discharge order, they are no longer legally required to pay the debts specified in the order. What's more, any creditor listed on the discharge order cannot legally undertake any type of collection activity (such as making phone calls or sending letters) against the debtor once the discharge order is in force. However, not ...
Declaring bankruptcy can help relieve you of your legal obligation to pay your debts and save your home, business, or ability to function financially, depending on which kind of bankruptcy petition you file. But it will also lower your credit rating, making it more difficult to get a loan, mortgage, or credit card, buy a home or business, or rent a...
If you want to avoid bankruptcy, several alternatives may be able to reduce your debt obligations. Negotiating with your creditors without involving the courts can sometimes work to the benefit of both sides. Rather than risk receiving nothing, a creditor might agree to a repayment schedule that reduces your debt or spreads your payments over a lon...
Bankruptcy can provide the financial benefit of wiping out debt you cannot pay and helping you start fresh, but there are consequences. Having a bankruptcy on your credit history can harm your credit score and make it more difficult to get loans in the future, Before filing for bankruptcy, weigh all your options for resolving your debt, including a...
Bankruptcy is a legal proceeding when a person or business cannot repay debts. Learn about the different types of bankruptcy, how they work, and their effects on credit and assets.
4 days ago · Learn the meaning, pronunciation, synonyms and examples of the word 'bankrupt' in British and American English. Find out how to use 'bankrupt' as an adjective, verb or noun in different contexts and domains.
adjective. Law. subject to or under legal process because of insolvency; insolvent. Synonyms: impoverished, destitute. at the end of one's resources; lacking (usually followed by of or in ): bankrupt of compassion; bankrupt in good manners.
Definitions of bankrupt. adjective. financially ruined. “a bankrupt company” synonyms: belly-up. insolvent. unable to meet or discharge financial obligations. verb. reduce to bankruptcy. synonyms: break, ruin, smash. see more. noun. someone who has insufficient assets to cover their debts. synonyms: insolvent. see more. Pronunciation. US.
