Legal Definition and Related Resources of Bankrupt

A person who is unable to pay ajust debt when payment is due and demanded of him; a person who has committed an act of bankruptcy ; an insolvent.

(See “Banque.”) A person against whom an involuntary petition or an application to set a composition aside has been filed, or who has filed a voluntary petition, or who has been adjudged a bankrupt. TJ. S. Bankrupt Act 1898, § 1. Loosely used for “insolvent.” (q.v.)

adjective

• bereft
• broke
• broken
• decoctor
• defaulting
• destitute
• failed
• impecunious
• impoverished
• in receivership
• in the hands ofreceivers
• incapable of discharging liabilities
• indigent
• insolvent
• left in penury
• moneyless
• out of funds
• out of money
• pauperized
• penniless
• povertystricken
• ruined
• unable to make both ends meet
• unable to pay matured debts
• unable to satisfy creditors
• unmoneyed
• Associated Concepts: bankruptcy
• bankruptcy court
• discharge in bankruptcy
• estate of the bankrupt

Browse or run a search for Bankrupt in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.

Bankrupt in Historical Law

You might be interested in the historical meaning of this term. Browse or search for Bankrupt in Historical Law in the Encyclopedia of Law.

Search for legal acronyms and/or abbreviations containing Bankrupt in the Legal Abbreviations and Acronyms Dictionary.

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Mentioned in these terms

Bankruptcy, Discharge, , Judgment In Rem, Trustee In Bankruptcy.

What does Bankrupt mean in American Law?

The definition of Bankrupt in the law of the United States, as defined by the lexicographer Arthur Leff in his legal dictionary is:

Technically, a person, natural or artificial, who has been so declared in a bankruptcy proceeding. In ordinary usage, however, it may refer to a failed person or business, whether or not any formal bankruptcy proceeding ever took place, as in “the new supermarket in the neighborhood undersold him so badly he went bankrupt.” The term may also be used figuratively, e.g., “Professor Snort”s article is bankrupt of ideas.”

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This definition of Bankrupt Is based on the The Cyclopedic Law Dictionary . This definition needs to be proofread..

Vocabularies (Semantic Web Information)

Bankrupt in the Dictionary of Law consisting of Judicial Definitions and Explanations of Words, Phrases and Maxims

French banque, a table or counter; route, trace, track: his “banque” was removed and no trace of it left, – 2 Bl. Com. 272. Italian banca rotta, a broken bench: a money-changer”s bench was broken up, on his failing in business, – Skeat. See 3 Story 453. A trader who secretes himself, or does certain other acts tending to defraud his creditors. 2 Bl. Com. 285, 471. See Trader. Bankruptcy is a proceeding of an equitable nature – a sequestration of a debtor”s property that the creditors may resort to, instead of an ordinary suit at law or in equity. Re Weitzel, 7 Biss 290 (1876). Foreigners were exempt from the law; also, a citizen whose provable debts were less than three hundred dollars.

Note: This legal definition of Bankrupt in the Dictionary of Law (English and American Jurisprudence) is from 1893.

Concept of Bankrupt in the context of Real Property

A short definition of Bankrupt: One who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).

Concept of Bankrupt in the context of Real Property

A short definition of Bankrupt: One who is adjudicated a bankrupt by a court having proper jurisdiction. The bankruptcy may be voluntary (petitioned by the bankrupt) or involuntary (petitioned by the creditors of the bankrupt).