Bankruptcy is a term that we hear often in today’s world. It is a condition that affects individuals, businesses, and even governments. The term “bankrupt” is used to describe a situation where an individual or organization is unable to pay off their debts. In this article, we will explore the definition and meaning of bankrupt.
Definitions
According to the Oxford dictionary, bankrupt is defined as “a person or organization that has been declared unable to pay their debts.” Merriam-Webster defines bankrupt as “a person or entity that is unable to pay its debts as they come due.”
Origin
The word “bankrupt” originated from the Italian word “banca rotta,” which means “broken bank.” It was first used in English in the 16th century to describe a person who was unable to pay their debts.
Meaning in different dictionaries
The meaning of bankrupt is consistent across different dictionaries. It is defined as a person or organization that is unable to pay their debts.
Associations
The term “bankrupt” is often associated with financial difficulty, insolvency, and failure. It can also be associated with a lack of responsibility or poor financial management.
Synonyms
Some synonyms of bankrupt include insolvent, broke, destitute, and penniless.
Antonyms
The antonyms of bankrupt include solvent, wealthy, and prosperous.
The same root words
The root word of bankrupt is “bank.” Other words that have the same root word include bankroll, banking, and banker.
Example Sentences
- The company filed for bankruptcy after it was unable to pay its debts.
- John was declared bankrupt after he failed to pay off his loans.
- The government bailed out the bankrupt airline to prevent it from collapsing.
- The company’s bankruptcy was caused by poor financial management.
- Mary’s business went bankrupt due to the economic downturn.