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.
by The Incredible Hawk July 30, 2009
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