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bankruptcy
noun
-
bankruptcy
,
bankruptcies
the
legal
state
in
which
a
person
or
business
cannot
pay
the
money
owed
and
is
officially
declared
insolvent
by
a
court
•
After
losing
his
job
and
facing
huge
medical
bills
,
Mark
filed
for
bankruptcy
to
protect
his
home
.
After
losing
his
job
and
facing
huge
medical
bills
,
Mark
filed
for
bankruptcy
to
protect
his
home
.
•
The
company
narrowly
avoided
bankruptcy
by
securing
a
last-minute
loan
from
investors
.
The
company
narrowly
avoided
bankruptcy
by
securing
a
last-minute
loan
from
investors
.
Derived
from
Italian
‘
banca
rotta
’
meaning
‘
broken
bench
’,
referring
to
moneylenders
’
benches
being
broken
as
a
sign
of
insolvency
in
medieval
Italy
.
noun
-
bankruptcy
,
bankruptcies
a
complete
failure
or
total
lack
of
something
important
,
such
as
morals
,
ideas
,
or
creativity
•
The
scandal
revealed
the
moral
bankruptcy
of
the
government
’
s
leaders
.
The
scandal
revealed
the
moral
bankruptcy
of
the
government
’
s
leaders
.
•
Critics
accused
the
sequel
of
creative
bankruptcy
,
saying
it
repeated
every
old
joke
.
Critics
accused
the
sequel
of
creative
bankruptcy
,
saying
it
repeated
every
old
joke
.
