When I learned my company would go bankrupt, I looked up at the sky and saw a beautiful contrail.
That company is under suspicion of bankruptcy.
Last year there were more than a hundred bankruptcies in this city alone.
Say you give birth to a baby. Then, after that everything falls apart and your life is overthrown. You lose it all because of this baby (babies are expensive). When you have your baby and everything is overthrown, you yourself are thrown into bankruptcy.
This is a jukugo word, which usually means on'yomi readings from the kanji. If you know the readings of your kanji you'll know how to read this as well.