n. The breaking up of a trader's business due to his inability to meet his obligations; bankruptcy.n. An insolvent person whose property is administered for, and distributed among, his creditors in accordance with the provisions of a system of laws called bankrupt, bankruptcy, or insolvent laws.n. In popular language, a hopelessly insolvent person; one who is notoriously unable to pay his debts; hence, one who is unable to satisfy just claims of any kind made upon him.In the state of one who has committed an act of bankruptcy, or is insolvent; subject to or under legal process because of insolvency.Unable to pay just debts, or to meet one's obligations; insolvent.Figuratively, at the end of one's resources: as, to be bankrupt in thanks.To make insolvent; render unable to meet just claims.To reduce to beggary; exhaust the resources of.To become bankrupt; fail or become insolvent.