bankrupt


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Related to bankrupt: insolvency, iva, Bankruptcies

bankrupt

adjective bereft, broke, broken, decoctor, defaulting, destitute, failed, impecunious, impoverished, in receivership, in the hands of receivers, incapable of dissharging liabilities, indigent, insolvent, left in penury, out of funds, out of money, pauperized, penniless, poverty-stricken, ruined, unable to make both ends meet, unable to pay matured debts, unable to satisfy creditors
Associated concepts: bankruptcy, bankruptcy court, discharge in bankruptcy, estate of the bankrupt
See also: destitute, impecunious, insolvent, poor

BANKRUPT. A person who has done, or suffered some act to be done, which is by law declared an act of bankruptcy; in such case he may be declared a bankrupt.
     2. It is proper to notice that there is much difference between a bankrupt and an insolvent. A man may be a bankrupt, and yet be perfectly solvent; that is, eventually able to pay all his debts or, he may be insolvent, and, in consequence of not having done, or suffered, an act of bankruptcy. He may not be a bankrupt. Again, the bankrupt laws are intended mainly to secure creditors from waste, extravagance, and mismanagement, by seizing the property out of the hands of the debtors, and placing it in the custody of the law; whereas the insolvent laws only relieve a man from imprisonment for debt after he has assigned his property for the benefit of his creditors. Both under bankrupt and insolvent laws the debtor is required to surrender his property, for the benefit of his creditors. Bankrupt laws discharge the person from imprisonment, and his property, acquired after his discharge, from all liabilities for his debts insolvent laws simply discharge the debtor from imprisonment, or liability to be imprisoned, but his after-acquired property may be taken in satisfaction of his former debts. 2 Bell, Com. B. 6, part 1, c. 1, p. 162; 3 Am. Jur. 218.

References in classic literature ?
Why, if to-day before eleven o'clock your father has not found someone who will come to his aid, he will be compelled at twelve o'clock to declare himself a bankrupt.
He was the son of a banker at Lyons named Particelli, who, after becoming a bankrupt, chose to change his name to Emery; and Cardinal Richelieu having discovered in him great financial aptitude, had introduced him with a strong recommendation to Louis XIII.
Then declare yourself bankrupt at once, for this liability is a ton weight at least.
I suppose an honourable bankrupt would know such an awakening: the sense of catastrophe, the shrinking from the necessity of beginning life again, the faint feeling that there are misfortunes which must be paid for by a hanging.
One of the many children of a bankrupt farmer, he had been apprenticed hurriedly to a coasting skipper, and had remained on the coast all his sea life.
Whenever a rich old hunks or prodigal heir or bankrupt corporation gets into the notion of putting up a palace, there is no such thing in the world as stopping either of them, and this every intelligent person knows.
The Chancellor is in the pocket of the money lenders and has to do as he is told; otherwise he's bankrupt, and a bad sort of bankruptcy, too, with nothing but cards and actresses behind it.
His name, which came out in the course of talk, was James Dalroy; he was the son of a bankrupt Irish landlord, and attached to a pink paper which he heartily despised, called Smart Society, in the capacity of reporter and of something painfully like a spy.
Pa will be a bankrupt before long, and then I hope Ma will be satisfied.
Many of them have to rake and scrape a long time to gather together the ten dollars their steamer passage costs, and when one of them gets back he is a bankrupt forever after.
Tomorrow again everything looks real and angular, the habitual standards are reinstated, common sense is as rare as genius,--is the basis of genius, and experience is hands and feet to every enterprise;--and yet, he who should do his business on this understanding would be quickly bankrupt.
No one could be expected to forget that he was the son of a bankrupt linendraper, and the alcoholism of Cooper seemed to increase the disgrace.