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  2. Dictionary

    bank·rupt·cy
    [ˈbaNGkrəp(t)sē]
    noun
    bankruptcy (noun) · bankruptcies (plural noun)
    1. the state of being bankrupt:
      "many companies were facing bankruptcy" · "a series of bankruptcies and scandals" · "bankruptcy proceedings"
      Opposite:
    2. the state of being completely lacking in a particular quality or value:
      "the moral bankruptcy of turning away desperate people"
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    What does bankruptcy mean?Subscribe to America's largest dictionary and get thousands more definitions and advanced search—ad free! Can you solve 4 words at once? Get Word of the Day daily email! The meaning of BANKRUPTCY is the quality or state of being bankrupt.
    What are the legal definitions of bankruptcy in India?The legal definitions of the terms bankruptcy, insolvency, liquidation and dissolution are contested in the Indian legal system. There is no regulation or statute legislated upon bankruptcy which denotes a condition of inability to meet a demand of a creditor as is common in many other jurisdictions.
    en.wikipedia.org
    How does bankruptcy work for a business?Bankruptcy is a legal tool to help consumers and businesses resolve overwhelming debt. It’s a complicated process that’s best taken on with the assistance of an attorney. Chapter 7 and Chapter 13 are the two most common types of bankruptcy for consumers, while Chapter 11 is typically used for businesses.
    Is bankruptcy a legal process?Bankruptcy is a legal process that allows individuals and businesses to resolve outstanding debts owed to creditors while offering them some protection during the process. There are restrictions on the types of bankruptcy you're allowed to file.
     
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