Bankruptcy – Meaning, Definition, Synonyms and Antonyms
Bankruptcy is a noun that refers to a legal process for dealing with serious debt problems when a person or business can’t pay what they owe.
Meaning:
Bankruptcy is a legal process where an individual or organization admits that they cannot repay their debts and asks a court for a solution, such as debt reorganization or debt discharge.
Definition:
Bankruptcy helps people and businesses manage overwhelming debt through court-supervised legal procedures, which may include restructuring payments, selling certain assets, or discharging (removing) some debts so they can make a fresh start.
Example Sentences:
- After unexpected medical bills, the family explored bankruptcy as a way to reduce their financial burden.
- During the recession, several small companies reached insolvency and later filed for bankruptcy.
- The court approved a reorganization plan, allowing the business to keep operating while it repaid creditors.
- Her bankruptcy filing helped her discharge most of her debts and rebuild her credit over time.
- When cash flow stopped, the company considered liquidation but ultimately chose a bankruptcy approach.
Bankruptcy Synonyms:
- burden
- Insolvency
- Liquidation
- Failure
- reorganization
- Default
- Debt adjustment
- Financial collapse
- Receivership
Bankruptcy Antonyms:
- Affluence
- Riches
- Success
- Prosperity
- Wealth
- Abundance
- Financial stability
- Monetary well-being
- Thrive
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