A phrase used by people of the broke variety. When someone is "on my ankles", this generally means they are bad with their money and are unable to accompany you and various other friends in your hoodrat shenanigans. Often times used by minorities but the phrase is universal. Anyone can be on their ankles at any given point in time.
Professor: Hey would you like to grab a beer after the exam on Tuesday?
Student: I would but I'm on my ankles right now.
Professor: What's up with all you college students being broke all the time?
Student: Really nigga?