busted valise

noun2

1. •
   (US, slang) A person who has run out of money

   • The sources described the natty Pomeranz as a fast talker but "a phony" and "a real busted valise" whose checks had a strong elastic snap to them. — 1962
2. •
   (US, slang) A person who has lost power or abilities; a has-been

   • They appear to be a vast improvement over the busted valises who were hired for so many jobs by Abe Beame. — 1978