1. (

• bankruptcy ,

) a state of complete lack of some abstract property; "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy" ;

2. (

• bankruptcy ,
• failure ,

) 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" ;

3. (

• bankruptcy

) a legal process intended to insure equality among the creditors of a corporation declared to be insolvent ;