Definitions of bankruptcy

1. The state of being actually or legally bankrupt.

2. The act or process of becoming a bankrupt.

3. A legal proceeding that relieves you of the responsibility of paying your debts or provides you with protection while attempting to repay your debts. There are two types of bankruptcies -- liquidation, in which your debts are wiped out ( discharged) and reorganization, in which you provide the court with a plan for how you intend to repay your debts. For both consumers and business, liquidation bankruptcy is called Chapter 7. For consumers, reorganization bankruptcy is called Chapter 13. Reorganization bankruptcy for consumers with an extraordinary amount of debt and for businesses is called Chapter 11. Reorganization bankruptcy for family farmers is called Chapter 12.

4. Complete loss; - followed by of.

5. The state of being legally insolvent, or unable to pay all debts; failure in business.

6. The state of being or act of becoming bankrupt.

7. State of being a bankrupt; failure in trade.

8. The state of being bankrupt; failure; insolvency.

9. The state of being a bankrupt; the act of becoming a bankrupt. Act of bankruptcy, an act by which a debtor renders himself liable to be declared a bankrupt.

10. The state of being a bankrupt; failure in trade.