Definition
to file for bankruptcy: to declare oneself unable to pay debts, insolvent (usually a company)
Many large corporations filed for bankruptcy following the market crash of 1989.
After reviewing our financial situation, our accountants advised us to declare bankruptcy.
to go bankrupt: to become unable to pay debts, to go insolvent
After spending more money than they were earning for years, the company went bankrupt.
bankruptcy: insolvency, a legal process designed to help people deal with their debts
(a) morally bankrupt (person): (a person) without morals
That man is morally bankrupt, he killed his own grandmother.
- "He told me that... he told me that I should consider filing for bankruptcy."
- "MiniTeleCom declares bankruptcy and finally, US senator Robert Roberts resigns following charges of embezzlement."
- "Sadly, it is true that the Perfume Hut recently filed for bankruptcy."
- "We will not be declaring bankruptcy."
- "Bruno : What? Bankruptcy?"
- "Furthermore, regarding your concerns for the budget, I assure you that we're not in danger of going bankrupt anytime soon!"
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