noun
bankruptcy
BANG-kruhp-see
noun
1
The legally recognized state of being unable to pay one's debts.
"The retailer filed for bankruptcy after months of declining sales."
"Personal bankruptcy can stay on your credit record for years."
How to Use Bankruptcy
Learner’s notesIn plain EnglishThe formal legal process or condition of being unable to pay debts.
Common pairings
file for bankruptcy
declare bankruptcy
Word Forms
bankruptcies plural
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The retailer filed for _____ after months of declining sales.
Etymology
From bankrupt plus the noun suffix -cy.