The Collaborative International Dictionary
Bankrupt \Bank"rupt\, a.
Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.
Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.
Relating to bankrupts and bankruptcy.
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Destitute of, or wholly wanting (something once possessed, or something one should possess). ``Bankrupt in gratitude.''
--Sheridan.Bankrupt law, a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. See Insolvent, a.
Usage examples of "bankrupt law".
That this loose state of the bankrupt law may be, and has been a cause of much dishonesty, is true, but at the same it is the cause of the flourishing state of the community.