Definitions of "bankruptcy"
  1. A financial condition in which a person or organization cannot repay their outstanding debts
  2. A legal process regulated by the court, wherein assets of a debtor who is unable to pay their debts are distributed among the creditors
How to use "bankruptcy" in a sentence
  1. Filing for bankruptcy can provide a fresh start for individuals who are overwhelmed by their debts.
  2. Because of the economic recession, many businesses were forced into bankruptcy.
  3. The court set up a meeting with the creditors following the declaration of bankruptcy.

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