Definition of "bankruptcy" []

• A legally declared or recognized condition of insolvency of a person or organization. (noun)

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• "And a Harvard University study shows that the average medical debt for people who have ended up in bankruptcy is $12,000."
• "Get used to the fact that the term bankruptcy is meaningless in the context of what is going on, and for such enormous balance sheets like AIG's."
• "But, you know, the minute that they said that there was obviously uproar in Detroit, because the car companies have been very, very resistant to having anything with the label bankruptcy on it even if it is an orderly bankruptcy."