There are several synonyms for the phrase "went bankrupt," including "declared insolvency," "filed for bankruptcy," "became insolvent," "went into receivership," and "went into liquidation." All of these terms describe a situation in which an individual or business is unable to repay their debts and must turn to a legal process to manage their finances. While the specific terms may vary depending on the country or jurisdiction, each one conveys the same basic meaning of financial failure. Knowing these synonyms can be useful for those in the business or financial industry, as well as for individuals who may encounter these terms in news or legal documents.