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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.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
'Don't worry,' he said when answering a question from a woman at a town hall session here who asked the chief minister if it was true that the state would become bankrupt within three years as claimed by Finance Minister Lim Guan Eng, due to its big budget.
A further 47 people made bankrupt were aged between 25 and 34, and 27 were aged between 55 and 64.
The figures include only courtordered bankruptcies when creditors who are owed at least PS5,000 apply to a court to make a person bankrupt. When this happens a person will have their bank accounts frozen and all assets, such as their home, sold.
Addressing a rally at Khangarh in Ghotki on Saturday, Prime Minister Imran Khan had said after the 18th Amendment, the federation has become bankrupt. He had said the center had to face fiscal shortfall to the tune of Rs600 billion due to debt servicing, federal transfers to the provinces and defences budget that leaves nothing for development.
The news of Mars One Ventures going bankrupt was into the fore when a Redditor spotted a notice for bankruptcy on a website for the city of Basel.
Seven people went bankrupt in Leicester alone, the data shows.
NIGHTCLUB owner Peter Stringfellow bounced back when his three American nightclubs went into liquidation in 1993 following the economic recession and he was declared bankrupt. The "King of Clubs" was thought to be worth more than PS30m when he died in June this year.
He says it took just over a year to repay his 10 EX-EASTENDERS actor Joe Swash won the 2008 series of I'm A Celebrity Get Me Out Of Here, but he was declared bankrupt a year later and again in 2013.
Mr Hallows, 60, was formally declared bankrupt at a hearing in the Rolls Building of the High Court, London, last week by Judge Middleton.
The problems were reoccurring and the company went bankrupt in 2016, which means the end here, although bankruptcy should mean something entirely different,' said Mr.
According to the draft, when distributing the assets of a bankrupt bank, individuals who are clients of the bank should be the first in the queue.