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bankrupt definition - legal

n

  1. A person or entity unable to pay debts due to insolvency.
  2. 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.
  3. The state of having been declared bankrupt by a Bankruptcy Court.

Webster's New World Law Dictionary Copyright © 2006 by Wiley Publishing, Inc., Hoboken, New Jersey.
Used by arrangement with John Wiley & Sons, Inc.

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