C1legalunable to pay what you owe, and having had control of your financial matters given, by a law court, to a person who sells your property to pay your debts: He went bankrupt after only a year in business.The recession has led to many small businesses going bankrupt.Poverty and poor›informalhaving no money: I shall go bankrupt if you children keep on asking for more pocket money!Poverty and poor›disapprovingnot having any good qualities: He believes that modern society is morally bankrupt.Lacking thingsScarce, inadequate and not enoughEssential or necessary