Bankrupt law

Related to Bankrupt law: Bankruptcy Code
a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. See Insolvent, a.

See also: Bankrupt

References in periodicals archive ?
Guilt that depends on a morally bankrupt law reveals the moral bankruptcy of the law, not of the person accused of violating it," Blackman added.
Liberal new bankrupt laws could backfire by encouraging irresponsible borrowers to take on more debt, Birmingham finance experts have claimed.