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to file for bankruptcy: to declare oneself unable to pay debts, insolvent (usually a company)
Many large corporations filed for bankruptcy following the market crash of 1989.
After reviewing our financial situation, our accountants advised us to declare bankruptcy.
to go bankrupt: to become unable to pay debts, to go insolvent
After spending more money than they were earning for years, the company went bankrupt.
bankruptcy: insolvency, a legal process designed to help people deal with their debts
(a) morally bankrupt (person): (a person) without morals
That man is morally bankrupt, he killed his own grandmother.

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