Meaning: to remove from bad situation.
Mr. Johnson’s company was not doing too well. So, his brother decided to bail him out by buying the company.
Meaning: remove excess water from something that is flooded.
When the Smiths realized that the boat was leaking, they had to bail it out till they reached the shore.
Meaning: to jump out of an aeroplane.
The pilot managed to bail out just before the burning airplane burst into flames.