Meaning & use
bankruptcy
A legal process in which a person or business unable to repay debts has their finances managed or discharged by a court.
See it in a sentence
The company filed for bankruptcy after years of declining sales and rising debt.
Bankruptcy allowed him to restructure his debts and eventually rebuild his credit.
A note on using this word
Bankruptcy is a formal legal status, distinct from simply being in debt, and involves specific court procedures.
Words with a similar meaning
insolvency
Choose a synonym to suit the sentence. Meanings can overlap without being identical.
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