bankruptcy

(noun) a state of complete lack of some abstract property. Examples: "Spiritual bankruptcy." "Moral bankruptcy." "Intellectual bankruptcy."

(noun) inability to discharge all your debts as they come due. Synonyms: failure. Examples: "The company had to declare bankruptcy." "Fraudulent loans led to the failure of many banks."

(noun) a legal process intended to insure equality among the creditors of a corporation declared to be insolvent.