What is the meaning of bankruptcy?

noun

• A state of complete lack of some abstract property.
  • usage: "spiritual bankruptcy"; "moral bankruptcy"; "intellectual bankruptcy"
• Inability to discharge all your debts as they come due.
  • usage: "the company had to declare bankruptcy"; "fraudulent loans led to the failure of many banks"
  • synonyms: failure
• A legal process intended to insure equality among the creditors of a corporation declared to be insolvent. .