Bankrupt n. : A trader who secretes himself, or does certain other acts tending to defraud his creditors.

Bankrupt n. : A trader who becomes unable to pay his debts; an insolvent trader; popularly, any person who is unable to pay his debts; an insolvent person.

Bankrupt n. : A person who, in accordance with the terms of a law relating to bankruptcy, has been judicially declared to be unable to meet his liabilities.

Bankrupt a. : Being a bankrupt or in a condition of bankruptcy; unable to pay, or legally discharged from paying, one's debts; as, a bankrupt merchant.

Bankrupt a. : Depleted of money; not having the means of meeting pecuniary liabilities; as, a bankrupt treasury.

Bankrupt a. : Relating to bankrupts and bankruptcy.

Bankrupt a. : Destitute of, or wholly wanting (something once possessed, or something one should possess).

Bankrupt v. t. : To make bankrupt; to bring financial ruin upon; to impoverish.

Example:
Federal Mogul went Bankrupt and issued warrants for their shares. Can I write this off on my taxes?

Taxonomy
bankruptcy, debtor, debts, creditors, assets, debtor in possession, bankrupt, Chapter 7, bankruptcy court, trustee, bankruptcy law, insolvency, income, Bankruptcy Code, Chapter 13, provisions, jurisdiction, discharge.

Defination from the web:
... According to al-Maqrizi, the Yassa of Genghis Khan contained a provision that mandated the death penalty for anyone who became bankrupt three times. ...