Law. a person who upon his or her own petition or that of his or her creditors is adjudged insolvent by a court and whose property is administered for and divided among his or her creditors under a bankruptcy law.

any insolvent debtor; a person unable to satisfy any just claims made upon him or her.

a person who is lacking in a particular thing or quality: a moral bankrupt.

Law. subject to or under legal process because of insolvency; insolvent.

at the end of one's resources; lacking (usually followed by of or in): bankrupt of compassion; bankrupt in good manners.