Constructive bankruptcy means inability to construct a meaning of the situation using the current meaning system. Constructive bankruptcy occurs very often as a result of traumatic experience. All our experiences in life, observations, knowledge, and understandings form our meaning system that is capable to guide us through certain life situations. When we face something "bigger" than we are prepared for, we find ourselves incapable to make sense of the situation and ourselves in it. This "missing" meaning is in a way the cause of post-traumatic suffering.
I did experience constructive bankruptcy in my life, a few years ago. I don't want to go into much detail, but essentially I found myself in a very painful situation I did not anticipate. As a result, I had to reconstruct my meaning system (ie my values, ways of looking at things, attitudes, etc.) to accommodate my experience. From the point where I am now, I no longer view that situation as only negative, thanks to all the personal growth that came out of it.