Bankrupt

Bank·rupt

Bankrupt

n.
  1. A trader who secretes himself, or does certain other acts tending to defraud his creditors. (Old Eng. Law)
  2. A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person.
  3. A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities. (Law)

Bankrupt

a.
  1. Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.
  2. Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.
  3. Relating to bankrupts and bankruptcy.
  4. Destitute of, or wholly wanting (something once possessed, or something one should possess).

Phrases & Compounds
Bankrupt law
a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. See Insolvent, a.

Bankrupt

v. t.

imp. & p. p. Bankrupted; p. pr. & vb. n. Bankrupting

  1. To make bankrupt; to bring financial ruin upon; to impoverish.