Bankrupt/ˈbæŋkrʌpt/ Definition 1 of 4Pro Tip 1/3Severity of Debt Bankrupt often suggests financial ruin, not just temporary money issues. The company was bankrupt, unable to continue its operations. Pro Tip 2/3Legal Process Being bankrupt may involve a legal process to recognize the inability to repay debts. She had to attend court after declaring herself bankrupt. Pro Tip 3/3Business Context 'Go bankrupt' often refers to businesses failing, not just individuals. If sales don't improve, our shop might go bankrupt.