| The New Dictionary of Cultural Literacy, Third Edition. 2002. |
| |
| bankruptcy |
| |
| |
| Legally declared insolvency, or inability to pay creditors. | 1 |
| ‡ If an individual or a corporation declares bankruptcy, a court will appoint an official to make an inventory of the individual’s or corporation’s assets and to establish a schedule by which creditors can be partially repaid what is owed them. | 2 |
| ‡ An individual who is lacking a specific resource or quality is sometimes said to be bankrupt, as in intellectually bankrupt or morally bankrupt. | 3 |
| |
| | | The New Dictionary of Cultural Literacy, Third Edition. Edited by E.D. Hirsch, Jr., Joseph F. Kett, and James Trefil. Copyright © 2002 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. |
|
|
