Bankrupt rascal past his embarrassment (10)
I believe the answer is:
impoverish
'bankrupt' is the definition.
(thesaurus)
'rascal past his embarrassment' is the wordplay.
'rascal' becomes 'imp' (synonyms).
'past' becomes 'over' (both can mean finished).
'embarrassment' indicates anagramming the letters (embarrassing or awkward form of the letters).
'his' is an anagram of 'ish'.
'imp'+'over'+'ish'='IMPOVERISH'
(Other definitions for impoverish that I've seen before include "Spoil the quality of" , "Make poor" , "beggar" .)