bankrupt, bankrupted 1. In law: A debtor that, upon voluntary petition or one invoked by the debtor's creditors, is judged legally insolvent. The debtor's remaining property is then administered for the creditors or is distributed among them. 2. Any insolvent debtor; a person unable to satisfy any just claims made upon him or her. 3. A person who ... Found on http://www.wordinfo.info/words/index/info/view_unit/1875/