n. The condition of being so overwhelmed by social media that the only solution is to close all one's accounts.
2015
During the event, a film called “Social Bankruptcy” showcased what life would be like without social media, and how it affects individuals. Social media is everywhere, and it’s unavoidable, having become a communication tool for the majority of society.
2014
It’s the modern way of the world and everyone loves it. …well, not everyone. In a new clip from Portlandia Carrie has had it and decides to go off the grid and to declare social bankruptcy.
2012
It took a while to accept it, but eventually I realized I had to declare social bankruptcy. I’d gone too far down a path that wasn’t working. I could see that it was time to get off that path entirely.
2011 (earliest)
As for what to actually do to get out of your oh-so-social bankruptcy-in-progress, you’ve got two options.
Thanks to Mark Worden for spying this term. Here's the clip from Portlandia: