bankruptcy
word
Definition
Bankruptcy is a legal situation where a person or business cannot pay the money they owe and seeks official protection from creditors.
Usage & Nuances
A formal, legal term used mostly in financial and legal contexts. Collocates with 'file for bankruptcy', 'declare bankruptcy', 'face bankruptcy'. Not interchangeable with 'insolvency' (technical difference in law); bankruptcy usually refers to the legal process, not just lacking money.
Example Sentences
The company declared bankruptcy last year.
basic
He went into bankruptcy after losing his job.
basic
Many small businesses fear bankruptcy during economic crises.
basic
After the restaurant went under, they had no choice but to file for bankruptcy.
natural
Sarah learned a lot about finances after going through bankruptcy herself.
natural
His risky investments eventually ended in bankruptcy.
natural