bankrupt law definition

  • adjective:
    • a law wherein the house of an individual who cannot or reluctant to cover their debts might be taken and distributed to his lenders, and by which somebody who has made a complete surrender of his residential property, and it is without fraudulence, might be released from the legal responsibility of his debts. See Insolvent, a.
    • a law by which the property of a person who is unable or unwilling to pay his debts may be taken and distributed to his creditors, and by which a person who has made a full surrender of his property, and is free from fraud, may be discharged from the legal obligation of his debts. See Insolvent, a.
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