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"financial ruin" is a correct and usable phrase in written English.
You can use it when you want to emphasize the concept of being completely devastated financially. For example, "The company went into financial ruin after its stock price plummeted."
Exact(60)
We're close to financial ruin.
Or financial ruin.
They'll even discuss financial ruin.
The venture led to his financial ruin.
I'm headed toward total financial ruin".
Chelsea were certainly looking at financial ruin.
The result may well be financial ruin.
She is homeless and facing financial ruin.
Now facing financial ruin, they decide to rob a bank.
"We teeter on the edge of financial ruin," he says.
But Alitalia's latest flight to financial ruin has been cancelled.
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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