Bankruptcy is one way of dealing with debts you cannot pay. Becoming bankrupt is a very difficult decision and it should only be taken as a last resort.
Bankruptcy can free you from overwhelming debts so you can make a fresh start, subject to some restrictions, and make sure your assets are shared out fairly amongst your creditors.
Once you are made bankrupt you have a duty to provide information to the Official Receiver and your Trustee in Bankruptcy, and cooperate with them as and when required.
Bankruptcy is a serious matter. You will have to give up any possessions of value and your interest in your home. It will almost certainly involve the closure of any business you run and the dismissal of your employees. Bankruptcy will also impose certain restrictions on you.