Is a federal legal proceeding involving people or businesses that cannot pay their debts and are seeking help from the court to rid them from those obligations, sometimes by paying a portion of each debt.
Merriam-Webster Online Dictionary
bankruptcy (noun)1.
the quality or state of being - bankrupt
2.
utter failure or impoverishment
Merriam-Webster Online Thesaurus
bankruptcy (noun)the inability to pay one's debts
SYNONYMS:
bankruptcy, failure, ruinRELATED WORDS:
Chapter 11