1. the legal status of a person or organization that cannot repay debts to creditors
Usage: legal term
2. complete lack or absence of a particular quality or value
Usage: figurative use

Examples

• The company filed for bankruptcy after years of declining sales.
• Personal bankruptcy can have long-lasting effects on credit scores.
• The restaurant’s bankruptcy forced it to close all locations.
• Many businesses faced bankruptcy during the economic recession.
• The politician’s moral bankruptcy became evident in the scandal.
• Filing for bankruptcy protection allowed the airline to restructure its debts.
• The bankruptcy court will decide how to distribute the remaining assets.