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

Webster's Revised Unabridged Dictionary, published 1913 by G. & C. Merriam Co.
References in periodicals archive ?
The hits just keep on coming for Dewey & LeBoeuf, as the bankrupt law firm agreed on Friday to pay up to $1.4 million to destroy old client files.
Relative to the Application and Discharge of Persons under the Bankrupt Law, House Dec.
1843; "The Bankrupt Law Repealed--The Results," New York Herald, 6 March 1843.
(17) "Expenses in Bankruptcy"; Report from the Secretary of State, In Compliance with a Resolution of the Senate, in Relation to the Operation of the Bankrupt law, Senate Doc.
Chandler, The Bankrupt Law of the United States, With an Outline of the System; Together with the Rules and Forms in Massachusetts (Boston, Mass., 1842), 92-93.
bankruptcy judge approved a $71.5 million settlement between former Dewey & LeBoeuf partners and the bankrupt law firm's estate on Tuesday.
Liberal new bankrupt laws could backfire by encouraging irresponsible borrowers to take on more debt, Birmingham finance experts have claimed.