Bankruptcy is a formal procedure under the Bankruptcy Act for people who cannot pay their debts. Your assets will be sold by your Bankruptcy Trustee, unless they are protected assets under the Bankruptcy Act.
Bankruptcy will place many restrictions on your life including the right to freely travel overseas.
You will need to keep in regular contact with your Bankruptcy Trustee and your income will be formally assessed for compulsory contributions for each year of your bankruptcy. Bankruptcy usually lasts for 3 years, however, in some cases your bankruptcy term can be extended for up to 5 years or in extreme cases 8 years.