One who has grown to be so sleazy and gets around so much that they have surpassed the most extreme of the "slut" type of people. The word began as a reference to the amount of self-value and sanctity they have when it comes to their own body, having most likely long ago traded any chance of being respectable and truly loved by another in return for a drug/junkie lifestyle, although some of these people are actually just so worthless they reach that point without any other factor than they are that creepy and vomit-inducing.. See also bagwhore
I can't believe that's my wife on that webcam with those three niggers! She was still such a nice girl 8 months ago when we got married, and now here she is online, bitch has straight gone skankrupt!
A person may declare spankruptcy when they have been spanked so many times that their butt is sore, and they cannot withstand any more spanking. The person who declared spankruptcy will be eligible to sit on a soft cushion seat rather than a hard seat until the sore area has healed, at which point they will receive more spankings. Also, spankings will not accrue interest during this period of time.
I wanted to keep spanking her, but she declared spankruptcy. Damn, now I have to bail her ass out.