I provided a definition of bankruptcy that included insolvency; hence, insolvency is considered bankruptcy.
Here's more:
Thesaurus.com wrote:
Main Entry: insolvent
Part of Speech: adjective
Definition: financially ruined
Synonyms: bankrupt, broke*, broken, busted, failed, foreclosed, in Chapter 11, in Chapter 13, in receivership, in the red, indebted, lost, on the rocks, out of money, strapped, taken to the cleaners, unbalanced, undone, wiped out
Antonyms: moneyed, rich, solvent, wealthy
* = informal/non-formal usage
Main Entry: bankrupt
Part of Speech: adjective
Definition: unable to pay debts
Synonyms: broke, depleted, destitute, exhausted, failed, impoverished, in Chapter 11, insolvent , lacking, lost, out of business, ruined, spent, tapped out
Antonyms: rich, solvent, wealthy
They are considered to be synonymous case closed. Yet, you chose to argue the point by using "in the real world"...
Hate to chime in here... but really? You're using a list of synonyms to support your argument? Your same list of synonyms says that bankruptcy is synonymous with "destitute."
Using your logic, bankruptcy = destitute.
Therefore, if you say the US is bankrupt, you must also be saying that the US is destitute.
Since the United States has piles of gold and plenty of food and vast amounts of resources, it's clearly not "destitute."
Therefore, the United States is also not bankrupt.