Top Definition
The exceedingly rare state of having an overdrawn account at one's local spank bank. Such a tragedy can be caused by making constant withdrawals without the foresight to make any deposits. This state is usually temporary as the realization that one's account is overdrawn is immediate and there is abundant material ripe for deposit on the interwebs.
'I heard Orren had a mean case of "Spank Bankruptcy" the other day.'

"Oh yeah? What happened?"

"I think he was taken aback at first but I'm sure he just browsed the grade 9 section of the yearbook a bit and got right back on the horse"

"Attaboy O-Dog"
by Grumbleweeds May 24, 2011

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