bankruptcy

[bangk-ruhpt-see, -ruhp-see]
noun, plural bankruptcies.
1.
the state of being or becoming bankrupt.
2.
utter ruin, failure, depletion, or the like.

Origin:
1690–1700; bankrupt + -cy

prebankruptcy, noun, plural prebankruptcies.
Dictionary.com Unabridged
Based on the Random House Dictionary, © Random House, Inc. 2014.
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Collins
World English Dictionary
bankruptcy (ˈbæŋkrʌptsɪ, -rəptsɪ)
 
n , pl -cies
the state, condition, or quality of being or becoming bankrupt

Collins English Dictionary - Complete & Unabridged 10th Edition
2009 © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins
Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009
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Etymonline
Word Origin & History

bankruptcy
1700, from bankrupt, "probably on the analogy of insolvency, but with -t erroneously retained in spelling, instead of being merged in the suffix ...." [OED].
Online Etymology Dictionary, © 2010 Douglas Harper
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American Heritage
Cultural Dictionary

bankruptcy definition


Legally declared insolvency, or inability to pay creditors.

Note: If an individual or a corporation declares bankruptcy, a court will appoint an official to make an inventory of the individual's or corporation's assets and to establish a schedule by which creditors can be partially repaid what is owed them.
Note: An individual who is lacking a specific resource or quality is sometimes said to be bankrupt, as in intellectually bankrupt or morally bankrupt.
The American Heritage® New Dictionary of Cultural Literacy, Third Edition
Copyright © 2005 by Houghton Mifflin Company.
Published by Houghton Mifflin Company. All rights reserved.
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Example sentences
File for bankruptcy while still using your existing name so that all your debts
  will be forgiven before the name change.
Countries, unlike companies, cannot seek the protection of a bankruptcy court.
Long before the towers came tumbling down, the airline industry was on a power
  dive into bankruptcy.
Capitalism is faced with the bankruptcy of its contradictions.
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