go for broke Definition

colloq:
1. Having no or very little money.

Thesaurus: impecunious, short of funds, impoverished, strapped, strapped for cash; Antonym: comfortable, flush (colloq).
2. Bankrupt, financially ruined.

Thesaurus: bankrupt, destitute, insolvent, penniless, penurious, ruined; Antonym: solvent, affluent.

1. Past tense, old past participle of break.

slang
To risk everything one has left in a last attempt to win or succeed.