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"went broke" is correct and usable in written English.
You can use it to describe a person or business who lost all their money or assets. Example: The small business owner went broke after overextending himself with too many investments.
Exact(56)
His company went broke.
But in 2001, Enron went broke.
Or if Apple went broke at Christmas.
Many homesteaders went broke & there are many abandoned houses around.
His Mexican restaurant and dance club went broke in 2008.
Flint went broke and could no longer afford its police.
And the next year Social Security went broke.
Some ventures went broke, like Azurix, its spinoff water company.
"He went broke," said James A. Trent, a local historian.
"We went broke and disbanded in '33," he told us.
"I recovered, but my family almost went broke.
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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