- The definition of bankrupt is having been legally determined to be unable to pay all debts.
An example of bankrupt is the status of a business that failed and has no remaining assets.
This man may be about to go bankrupt.
- a person legally declared unable to pay his or her debts: the property of a bankrupt is administered for the benefit of his or her creditors and divided among them
- anyone unable to pay his or her debts
- a person who lacks a certain quality or has failed completely in some way: a political bankrupt
Origin of bankruptFrench banqueroute ; from Italian banca rotta ; from banca, bench (see bank) + rotta, broken ; from Classical Latin rupta, feminine past participle of rumpere, to break: see rupture
- that is a bankrupt; insolvent
- lacking in some quality; destitute: morally bankrupt
- that has failed completely: a bankrupt foreign policy
- Law A person, business, or organization legally declared insolvent because of inability to pay debts.
- A person who is totally lacking in a specified resource or quality: an intellectual bankrupt.
- a. Having been legally declared insolvent.b. Financially ruined; impoverished.
- a. Depleted of valuable qualities or characteristics: a morally and ethically bankrupt politician.b. Totally depleted; destitute: was bankrupt of new ideas.c. Being in a ruined state: a bankrupt foreign policy.
transitive verbbank·rupt·ed, bank·rupt·ing, bank·rupts
- To cause to become financially bankrupt.
- To ruin: an administration that bankrupted its credibility by seeking to manipulate the news.
Origin of bankruptFrench banqueroute, from Italian banca rotta, broken counter (from the practice of breaking the counters of bankrupt bankers) : banca, moneychanger's table; see bank2 + rotta, feminine of rotto, past participle of rompere, to break (from Latin rumpere; see reup- in Indo-European roots).
(comparative more bankrupt, superlative most bankrupt)
(third-person singular simple present bankrupts, present participle bankrupting, simple past and past participle bankrupted)
- To force into bankruptcy.
- One who becomes unable to pay his or her debts; an insolvent person.
From Italian banca rotta, which refers to an out-of-business bank, having its bench physically broken. When a moneylender in Northern Italy became insolvent, they would break the bench they worked from to signify that they were no longer in business.
bankrupt - Legal Definition
- A person or entity unable to pay debts due to insolvency.
- A person (or entity) who has filed a voluntary petition for bankruptcy or against whom an involuntary petition for bankruptcy has been filed. See also debtor.
- The state of having been declared bankrupt by a Bankruptcy Court.