Definition of: bankrupt

(bangk′rupt) noun
1. A person unable to pay his debts or without credit or resources.
2. Law One who is unable to make payment of a just debt when due and demanded of him: a bankrupt is judicially declared insolvent and his property is administered for and divided among his creditors, under a bankruptcy law.
—adjective
1. Unable to pay one's debts; insolvent.
2. Subject to the conditions of bankruptcy law.
3. Lacking in some quality.
—v.t. To make bankrupt. [<F banqueroute <) Ital. banca rotta bankruptcy < banca bench + rotta broken <L ruptus, pp. of rumpere break]