The bankruptcy price refers to the liquidated price of losing all the margin.
For Long orders
Bankruptcy Price = average position price / (1 + 1 / Leverage)
For Short orders
Bankruptcy price = average position price / (1-1 / leverage)
When a liquidation is triggered, the liquidated position will be closed at the bankruptcy price, which also means that you will lose the margin for all open positions. If the position can be closed at a better price, the remaining margin will go into the insurance fund. If the position is closed at a price worse than the bankruptcy price, the insurance fund will be used to fill the gap.
Note: The bankruptcy price of long orders is rounded up to 0.5 or an integer, while the bankruptcy price of empty orders is rounded down to a integer or 0.5.