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"bleeding dry" is correct and usable in written English.
You can use this expression when you want to describe a situation in which someone is being completely taken advantage of, especially financially. For example: "The local farmers were being bled dry by the transnational corporation that was buying their crops."
Dictionary
bleeding dry
verb
Present participle of bleed dry
Exact(7)
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'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.
The vote didn't pass". In Spain, the latest student achievement results were received as evidence of a wound that is bleeding dry the Spanish educational system.
The proposed $11.2 billion in cuts to early childhood education, $4.1 billion in job training programs for the unemployed, and $4.6 billion in teacher training and after school programs could all be reversed if we simply ended the parasitic relationship between tax-dodging oil companies and the taxpayers they're bleeding dry.
Similar(53)
Others are bled dry by diversions.
Today, St. Charlie's has been bled dry.
The militants complained that the island was being "bled dry".
The Greek people can't be bled dry any longer".
While America has been bogged down and bled dry, China and Russia are plumping up.
More suggestions(4)
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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