bankruptcy vs proceeding

bankruptcy and proceeding both are nouns.

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

As nouns, proceeding is a hypernym of bankruptcy; that is, 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
proceeding: (law) the institution of a sequence of steps by which legal judgments are invoked

Other hypernyms of bankruptcy include legal proceeding, proceedings.

bankruptcy (noun)	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