I think the question in the title is clear, so let me get to some example sentences:
Me and my friends had plans to go out last night. A couple of them bailed at the last second.
We agreed on a plan. You can't bail out now!
I see that a literal translation of "bail from a falling plane" is "abspringen", which seems to be also used in figurative contexts as well. Would the following be a good translation:
Ich und meine Freunde hatten Pläne, auszugehen. Ein paar von ihnen sind gleich davor abgesprungen.
Wir hatten einen Plan. Du kannst jetzt nicht davon abspringen!
For those unfamiliar with the English phrase, to "bail/bail on somebody" means to have plans with somebody, but decide not to come at the last second.