Definition, Meaning & Synonyms
bankrupt
adjective, verb, noun
/ˈbæŋk.rʌpt/
Definition
In a state of financial failure in which an individual or organization cannot pay their outstanding debts.
Examples
- After losing his business, he was declared bankrupt.
- The company went bankrupt due to poor management.
- Despite being bankrupt, she remained optimistic about her future.
Meaning
The term ‘bankrupt’ refers to a legal status of a person or entity that cannot repay the debts it owes to creditors.
Synonyms
- insolvent
- financially ruined
- debtor
- impoverished
