The state or condition of a bankrupt. The condition of being unable to pay one's debts as they become due.
Bankrupt laws are an encroachment upon the common law.
The U.S. Constitution, Art. With the exception of a short interval during which bankrupt laws existed in this country, this power lay dormant till the passage of the act of 1841, since repealed. It is proper to notice that there is much difference between a bankrupt and an insolvent. He may not be a bankrupt. Both under bankrupt and insolvent laws the debtor is required to surrender his property, for the benefit of his creditors.