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Dictionary definition for: Bankruptcy

1. (n) a state of complete lack of some abstract property; "spiritual bankruptcy" "moral bankruptcy" "intellectual bankruptcy"

2. (n) inability to discharge all your debts as they come due; "the company had to declare bankruptcy" "fraudulent loans led to the failure of many banks"

3. (n) a legal process intended to insure equality among the creditors of a corporation declared in bankruptcy

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