Meaning of the word bankruptcy in English

What does bankruptcy mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

bankruptcy

US /ˈbæŋ.krəpt.si/
UK /ˈbæŋ.krəpt.si/
"bankruptcy" picture

Noun

the state of being unable to pay your debts

Example:
The company filed for bankruptcy after years of financial struggles.
He avoided bankruptcy by selling off his assets.