A beggar can never be bankrupt.

Someone who owns nothing has little property left to lose. The proverb treats bankruptcy as a reversal that cannot further diminish a person who is already destitute.

More broadly, it suggests that a person with no remaining stake may feel less threatened by a potential financial loss. Its point is about what can be lost, not a literal rule about debt.

Use it to frame a possible financial setback as less daunting when the person concerned has no assets at risk. It can sound wry or dismissive, so take care when speaking about someone else's poverty.