n.
1. A
declaration at some point during the evening (it may be declared by friends or a self-declaration), that you are now totally lacking in moral principles or quality for the remainder of the evening;
Unscrupulous;
2. Depleted of valuable qualities or
characteristics
Yo, my man has a
wedding ring and is grinding on everybody in this club... I guess he's declared moral bankruptcy.
Friend: That girl is hella drunk. Since I already declared moral bankruptcy, I'm
calling dibs.
You: Damn son, you are one grimy
son of a bitch.