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
Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co.