Outrageously Funny Word Dictionary :: Bankrupts

👉 A bankrupt is someone who has lost their financial assets, including property, money, or other assets. This can happen for a variety of reasons, such as bankruptcy, debt, illness, divorce, and unemployment. In some cases, people may be declared bankrupt by the court to prevent further financial ruin.

bankrupts

👉 In legal terms, a "bankruptcy" refers to the termination of a person's financial status due to failure to meet certain obligations. It is often associated with debt and may involve liquidation of assets or repayment of debts. For example, in bankruptcy proceedings, a debtor may be required to pay off creditors, sell their property, and file for bankruptcy relief. This can result in significant financial hardship and loss of personal assets if the individual fails to meet their obligations.

bankruptship