Bankruptcy is a legal proceeding involving a person or business that is unable to repay their outstanding debts. The bankruptcy process begins with a petition filed by the debtor, which is most common, or on behalf of creditors, which is less common.

Merriam-Webster Online Dictionary
bankruptcy (noun)
1.
the quality or state of being - bankrupt
2.
utter failure or impoverishment
Merriam-Webster Online Thesaurus
bankruptcy (noun)
the inability to pay one's debts
SYNONYMS:
bankruptcy, failure, ruin
RELATED WORDS:
Chapter 11
solvency
bankruptcy
Categories: Bankruptcy