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"bled dry" is a correct and usable phrase in written English.
It refers to when someone has been exhausted of resources or energy and is typically used as a metaphor. For example, "He had been bled dry of his savings by the end of the month."
Dictionary
bled dry
verb
Past of bleed dry
Exact(53)
Today, St. Charlie's has been bled dry.
Others are bled dry by diversions.
The Greek people can't be bled dry any longer".
The militants complained that the island was being "bled dry".
Trapped in a downward spiral, they borrow again and again until they are bled dry.
It's dull, stodgy products that have been downsized and bled dry by corporate owners.
Similar(6)
This value system underpins the political debate, and constrains Labour, so until governments can genuinely project values of sociality, equality of opportunity, social responsibility and empathy, this bleeding dry of public resources by the private corporations will continue unabated.
Britain is pressing for a European pledge not to impose tariffs on African countries should they refuse to sign the agreements by Dec. 31, and President Nicolas Sarkozy of France said Saturday that Europe should not "bleed dry" poor countries.
Britain's rail companies have designed a fares system aimed at bleeding dry three types of travellers: commuters who have to travel in the rush hour; anyone who needs to catch an inter-city train urgently; and foreign tourists.
In my opinion, the New Zealand Government seem intent on bleeding dry our natural resources.
In Spain, the latest student achievement results were received as evidence of a wound that is bleeding dry the Spanish educational system.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com