to the bankrupt laws; the condition of one who has committed an act of bankruptcy, and is liable to be proceeded against by his creditors therefor, or of one, whose circumstances are such that he is entitled, on his voluntary application, to take the benefit of the bankrupt laws. The term is used in a looser sense as synonymous with “insolvency,’— inability to pay one’s debts; the stopping and breaking up of business because the trader is broken down, insolvent, ruined. Phipps v.