bankruptcy vs legal proceeding

bankruptcy and legal proceeding both are nouns.

Word	Noun	Adjective	Verb	Adverb
bankruptcy	Yes	No	No	No
legal proceeding	Yes	No	No	No

As nouns, legal proceeding is a hypernym of bankruptcy; that is, legal proceeding is a word with a broader meaning than bankruptcy:

bankruptcy: a legal process intended to insure equality among the creditors of a corporation declared to be insolvent
legal proceeding: (law) the institution of a sequence of steps by which legal judgments are invoked

Other hypernyms of bankruptcy include proceeding, proceedings.

bankruptcy (noun)	legal proceeding (noun)
a legal process intended to insure equality among the creditors of a corporation declared to be insolvent	(law) the institution of a sequence of steps by which legal judgments are invoked
inability to discharge all your debts as they come due
a state of complete lack of some abstract property