bankruptcy
Definition
A legal status of an individual or organization that cannot repay debts owed to creditors, often resulting in the liquidation of assets.
The formal process through which a debtor seeks relief from debts via court proceedings, potentially leading to discharge of obligations.
Complete financial ruin or insolvency, metaphorically extended to any total failure or collapse.
Examples
After sinking his fortune into artisanal beard oil, the hipster entrepreneur declared bankruptcy by age 25.
The tech startup's bankruptcy came swiftly when investors realized 'disrupting gravity' wasn't investor-ready.
Her candy empire crumbled into bankruptcy after one too many experimental flavors like 'Brussels sprout brittle'.
Declaring bankruptcy freed him from debt, but now his only luxury is window-shopping at the bankruptcy auction.