BANKRUPT

bankrupt,adj. Indebted beyond the means of payment; insolvent. — Also spelled (archaically)

bankerout; bankrout. — bankrupt,vb.

bankrupt,n.1. A person who cannot meet current financial obligations; an insolvent person. • This term was used in bankruptcy statutes until 1979, and is still commonly used by nonbankruptcy courts. But the Bankruptcy Code uses debtor instead of bankrupt. 2.DEBTOR(2). cessionary bankrupt.Archaic. A person who forfeits all property so that it may be divided among creditors. • For the modern near-equivalent, see CHAPTER7. [Cases: Bankruptcy  2221. C.J.S. Bankruptcy § 45.][Blacks Law 8th]