Source: The Collaborative International Dictionary of English v.0.48
Bankruptcy \Bank"rupt*cy\, n.; pl. Bankruptcies.
1. The state of being actually or legally bankrupt.
[1913 Webster]
2. The act or process of becoming a bankrupt.
[1913 Webster]
3. Complete loss; -- followed by of.
[1913 Webster]
bankruptcy
n 1: a state of complete lack of some abstract property;
"spiritual bankruptcy"; "moral bankruptcy";
"intellectual 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