Bankruptcy is a serious matter. You will have to give up possessions of excess value and your interest in your home. Bankruptcy may also impose certain restrictions on you.
Subject to certain exemptions, bankruptcy means that the Official Receiver will take control of all your assets on the making of a bankruptcy order. He or she, or any insolvency practitioner who is appointed Trustee, will dispose of them and use the money to pay the fees, costs and expenses of the bankruptcy and then your creditors. Assets you would be allowed to keep include:
1. Ordinary household contents
2. A modest motor Vehicle
3. Tools required for your trade
The Trustee may apply to the court for an order restoring property to him or her if you disposed of it in a way that was unfair to your creditors (for example, if before bankruptcy you had transferred property to a relative for less than it was worth).
If you have surplus income above the needs of yourself and your dependants, you will be expected to make contributions to your creditors during the bankruptcy, and may be ordered to do so by the court. If you come into any money during the bankruptcy, such as an inheritance or a lottery win, that too will be available to your creditors.
In addition your bankruptcy would be advertised in a local paper.
Generally you will be automatically discharged from bankruptcy after 1 year or sooner although you may be required to make contributions from surplus income into the bankruptcy for 3 years.