Going bankrupt refers to the state of having insufficient funds to meet financial obligations, resulting in an inability to pay debts. Synonyms for going bankrupt include financial collapse, insolvency, failure, ruin, collapse, and default. Other related terms include financial distress, financial crisis, bankruptcy proceedings, and bankruptcy declaration. When a person or company faces the possibility of going bankrupt, they may seek alternatives such as debt restructuring, refinancing, or debt consolidation. It is important to address financial problems early on to avoid the need for bankruptcy, as it can have long-lasting consequences on an individual's credit score and financial health.