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Bankruptcy vs Overdraft - What's the difference?

bankruptcy | overdraft |

As nouns the difference between bankruptcy and overdraft

is that bankruptcy is a legally declared or recognized condition of insolvency of a person or organization while overdraft is (uncountable) the act of overdrawing a bank account.

bankruptcy

English

(wikipedia bankruptcy)

Noun

(bankruptcies)
  • A legally declared or recognized condition of insolvency of a person or organization.

    • Derived terms

    * (noun) pre-packaged bankruptcy * (verb) to file for bankruptcy, to go bankrupt

    Related terms

    * (noun) depression, economic downturn, financial crisis, insolvency, recession * (noun) (figuratively) moral bankruptcy * (adjective) bankrupt, insolvent * (adjective) (slang) broke, bust, belly up * (adjective) (figuratively) morally bankrupt * (verb) (slang) go broke, go bust, go belly up *

    overdraft

    English

    Noun

  • (uncountable) The act of overdrawing a bank account.
  • (countable) The amount overdrawn.
    • I have an overdraft of £1234.
  • (countable) The maximum amount that may be overdrawn.
    • The bank have given me an overdraft of $2000.

    Related terms

    * overdraw * overdrawn