Bankrupt

Bankrupt describes a person, company, or other organization that is legally declared unable to pay their debts. This usually occurs when debts exceed assets, leading to a formal legal process to distribute remaining assets among creditors. Bankrupt can also be used metaphorically to describe a lack or depletion of something, like ideas or resources. The state signifies financial ruin and can have significant legal and social ramifications, impacting creditworthiness and future financial opportunities.

Bankrupt meaning with examples

• Following years of mismanagement and a significant economic downturn, the once-thriving retail chain declared itself Bankrupt, leaving thousands jobless and creditors with substantial losses. The court-ordered liquidation of the company's assets was a drawn-out process.
• The entrepreneur's ambitious startup, fueled by unsustainable funding, went Bankrupt within two years. The dream was over. Despite personal guarantees on loans, he faced mounting debt and legal repercussions, losing his home and future business prospects.
• The prolonged legal battle and the excessive fines levied against the organization ultimately left it Bankrupt, with no funds to continue its operations. The organization filed for bankruptcy to try to mitigate further losses and arrange a payment plan for creditors.
• The artist, after a creative dry spell, felt creatively Bankrupt, struggling to produce new works despite pressure from galleries and collectors. She was overwhelmed by the pressure, her well of ideas had run dry, leaving her feeling despondent and insecure.