Definitions

1. verb

to have a total loss of assets and liabilities to such an extent that one’s business or financial resources are insufficient to pay debts, or to be officially declared as such by a court.

“The company went bankrupt after a series of unsuccessful business ventures.”

2. noun

a person or business that has become unable to pay debts or has gone out of business due to financial difficulties.

“The bankrupt owner of the business was forced to sell his assets to pay off creditors.”

3. adjective

extremely poor or financially insolvent; unable to pay debts or sustain financial responsibilities.

“The family was bankrupt after the father lost his job due to illness.”