It means that the situation that is being described is a binary. It is something that is either IS or ISN'T. Such as is the case when one is pregnant. One either "is" pregnant or "is not", there is no in between or partial pregnancy. It means it is a situation in which there is no ambiguity or no gray area. You can't be "just a little bit" of certain things.
You can't be just a little bit pregnant when you are talking bankruptcy. You can't be just a little bit bankrupt. You are either bankrupt or not bankrupt.

References:
Lou Mannheim (Hal Holbrook) in the movie "Wall Street" used this phrase while conversing with Bud Fox
by idiomsfanatic April 09, 2007
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An idiom most often used in the Southern parts of the United States. Often heard when older men or women are searching in a general area, looking for a misplaced object. They search for a good while, only to find that the object was a few feet from them all the time. They pick it up, brush it off, grin and say:

"If it were a snake, it would have bit me."
This is because in the rural South snakes are a part of life. Everyone has at least one story about the time they were surprised by a rattler or a cottonmouth.

Guy 1: Where are my keys?
Guy 2: They are right in front of you on that table.
Guy 1: If it were a snake, it would have bit me.
by ♫ Highway to Hell ♫ January 29, 2010
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suffering from thrush or other vaginal yeast/bacterial infections
Doctor: What symptoms have you got?
Woman: Well, I've got a little bit too much cheese on the taco...
by BobSallas May 03, 2005
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you got bit bout ya

Is when someone has confidence and banter about them and general cheekiness. Also can be used termed as not being scared of something they should.
*Throws Punch*
Mike dodges punch
Nigel “you got bit bout ya”
by Jaylynchmfc December 03, 2017
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involuntary flood of pre throw up salty slavering in my mouth
Every time I see or hear anything at all about any of the Kardashian/Jenner freak show, I automatically begin the involuntary flood of pre throw up salty slavering in my mouth and I have to take a promethazine tablet for nausea. It doesn't always work so then I throw up a little bit in my mouth.
by AL K HOL December 16, 2015
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L.B.O.B. (lil bit of blood)

One step beyond EXTREME. Ie: extreme with a little bit of blood in it.
"That made me laugh so hard..." "how hard?" "L.B.O.B. (lil bit of blood) " or " LOLWLBOB
by pr5ss September 03, 2008
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What you would say to your step-brother after he grows up and starts looking like your father
Guy 1 *in a deep and calm voice* : Hello step bro
Guy 2: You've started to resemble our father a bit
by ZekeYeager February 18, 2021
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