verb to declare (a person or organization) as unable to pay outstanding debts
adjective having been declared in law unable to pay outstanding debts
In law, 'bankrupt' is used to describe a person or entity that has been declared insolvent by a court and is undergoing bankruptcy proceedings.
In the finance field, 'bankrupt' refers to a person or organization that is unable to pay their debts and has been declared legally insolvent.
In the business field, 'bankrupt' signifies a company that is unable to meet its financial obligations and is facing financial collapse.
In economics, 'bankrupt' is used to describe a situation where an individual or entity is unable to repay their debts and is in a state of financial distress.
In the world of publishing, a writer may declare bankruptcy if they are unable to pay off their debts.
A psychologist may encounter clients who are facing financial difficulties and may need to declare bankruptcy.
An entrepreneur who has faced a failed business venture may need to file for bankruptcy in order to liquidate assets and pay off debts.
Lawyers may specialize in bankruptcy law and help clients navigate the legal process of declaring bankruptcy.
An accountant may assist individuals or businesses in managing their finances to avoid bankruptcy, or help them through the process if bankruptcy is unavoidable.