Marwan Maroud relates a hadeeth (saying) of RasululLah SAW describing what true bankruptcy is.
What I've learnt is that a bankrupt from the Ummah, during the day of Judgment, would have to release his hasanah/rights to the person who he/she has wronged in life. And when there is not enough rights to take, the person who is wronged would put his bad deeds to the person who did the bad deed. Simply, its not worthwhile to fast and do Ibadah and at the same time do bad deeds to others. So Ramadhan is the time for forgiveness.