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 Dictionarybankruptcy (noun)
the quality or state of being - bankrupt
utter failure or impoverishment
Merriam-Webster Online Thesaurusbankruptcy (noun)
the inability to pay one's debts
SYNONYMS:bankruptcy, failure, ruin
RELATED WORDS:Chapter 11