To be penniless

Paul used to lead a good life, but now things are changed: he's recently divorced, he has three kids to support, has no house and has an underpaid job. Bottom line: he's totally down and out

Paolo faceva una bella vita, ma le cose sono cambiate: ha divorziato da poco, ha tre figli da mantenere, non ha una casa e ha un lavoro sottopagato. Insomma, è ridotto sul lastrico

After losing his job, his house and his car because of bad investments, he's now completely down and out and must depend on his friends for help

Dopo aver perso il lavoro, la casa e la macchina per pessimi investimenti, ora non ha più una lira e deve dipendere dall'aiuto degli amici per tirare avanti

This term probably originated from the world of boxing, where a boxer, who is down and counted for a certain amount of time without getting up, is out, meaning that he lost the match