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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.
pertaining to bankrupts or bankruptcy.
to make bankrupt:
His embezzlement bankrupted the company.
Contemporary Examples

It’s because they’re bankrupt and that’s what happens to bad banks.
Too Little. Too Late? The Daily Beast February 9, 2009

One of the proudest names in English soccer will, essentially, be bankrupt.
How the Yanks Ruined Soccer Alex Massie October 7, 2010

Unfortunately, using stock price as a proxy for company performance is a bankrupt idea.
Wall Street’s Rigged Bonuses Roger Martin January 11, 2010

If he feels that the community is bankrupt, then he needs to go somewhere where he’d like it.
Mayor of Inspiration Samuel P. Jacobs October 9, 2010

On The Real Housewives of New Jersey, Giudice has gone from financially solvent and popular to bankrupt and under attack.
Teresa Giudice’s Crazy ‘Real Housewives of New Jersey’ Journey Stacey Grenrock Woods July 10, 2012

Historical Examples

The bankrupt gathered courage as he felt the indulgences shown to him, and he got into the coach with his uncle and Ragon.
Rise and Fall of Cesar Birotteau Honore de Balzac

You may be punctual in that to half a second on the clock, and yet be bankrupt.
Life And Adventures Of Martin Chuzzlewit Charles Dickens

Therefore, even a bona fide purchaser from a bankrupt will get nothing.
Commercial Law Samuel Williston, Richard D. Currier, and Richard W. Hill

“I’m not bankrupt, either,” said old Uthoug, fixing his red eyes on her face.
The Great Hunger Johan Bojer

A bankrupt is not a person who breaks the bank, as is popularly supposed.
The Law and the Poor Edward Abbott Parry

noun
a person adjudged insolvent by a court, his or her property being transferred to a trustee and administered for the benefit of his creditors
any person unable to discharge all his or her debts
a person whose resources in a certain field are exhausted or nonexistent: a spiritual bankrupt
adjective
adjudged insolvent
financially ruined
depleted in resources or having completely failed: spiritually bankrupt
(foll by of) (Brit) lacking: bankrupt of intelligence
verb
(transitive) to make bankrupt
adj.

1560s, from Italian banca rotta, literally “a broken bench,” from banca “moneylender’s shop,” literally “bench” (see bank (n.1)) + rotta “broken, defeated, interrupted” from (and remodeled on) Latin rupta, fem. past participle of rumpere “to break” (see rupture (n.)). “[S]o called from the habit of breaking the bench of bankrupts” [Klein]. Earlier in English as a noun, “bankrupt person” (1530s).
v.

1550s, from bankrupt (adj.). Related: Bankrupted; bankrupting.