noun
going bankrupt; bankruptcy
Historical term for personal bankruptcy, often involving the surrender of all assets. In modern contexts, 破産 (はさん) is more common.
江戸時代には、借金が返せなくなると身代限りを申し渡されることがあった。
In the Edo period, if you couldn't repay your debts, you might be declared bankrupt and have your assets seized.
破産 is the modern legal term for bankruptcy, while 身代限り is an older, historical expression.
Compound of 身代 (しんだい, 'fortune, property') and 限り (かぎり, 'limit, end'), literally meaning 'the end of one's property'.