They're not in bankruptcy, as clubs like Milan with wealthy owners can always find a way around, but they have difficulties nonetheless. Juventus would be in a rather similar state if Agnelli's affiliates suddenly stop supplying us with cheap financing. We wouldn't be able to afford players we had in the last few years. Now, they had an old squad a few years ago on a relatively high wages, players like Nesta, Seedorf, Inzaghi, Gatuso and they're bringing marque signings every year like Ibra, Ronaldinho, etc... Without any doubt those decisions back then are one of the reasons for their current financial state. I read somewhere that their income of that period was lower than the overall gross salaries.
We're not in a healthy financial situation at the moment. We haven't managed to break even after successful CL campaign with unexpected influx of around 20m euros. I would hate to see old players like Evra or Cole draining our budget even further. If we have to pay for the player or give him high wages, then it must be someone who'll stick around little longer and become important part of the project in our future. Basically as we each year lose more money than we earn, we have two options; go further into debt, or sell some of our players to afford new purchases.