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 meancase 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"
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.