noun
bankruptcy
BANGK-rup-see/ˈbæŋkrʌptsi/
Financial inability to pay one's debts.
The shop owner faces bankruptcy as unpaid bills pile up.
Etymology
The “broken bench” represents the collapse of a moneylender's business, leading to the state of being unable to meet debts. The bench-breaking image was probably figurative, despite stories of an actual custom.
In context
if bankruptcy solves the problem well the answer to that question is yes bankruptcy will eliminate that debt
More examples
- He filed for bankruptcy when his debts became unmanageable.
- Several bankruptcies followed the sudden factory closures.
- The scandal exposed the moral bankruptcy of their leadership.
Forms
bankruptcy · bankruptcies
bankrupt adjective — Unable to pay outstanding debts.
Similar words
- insolvency
- Names inability to pay without necessarily implying court proceedings.
- ruin
- Describes severe loss beyond financial failure alone.