When a person is unable to repay his or her debts, a common method for dealing with this problem is to go bankrupt or declare bankruptcy. Companies and corporations can also go bankrupt. This is a legal matter that involves lawyers, a judge, and the creditors to whom money will eventually be paid. It’s bad to go bankrupt. Bankruptcy causes problems for people who want to take out loans or get credit in the future.
Use the word "bankrupt" as an adjective:
Use the word "bankruptcy" as a noun:
(*avoid at all costs: try as hard as possible not to do it because the situation might be very bad.)
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September 21, 2014