If you mean bankruptcy, it means that you have legally stopped the creditors (banks, bill collectors, etc) from harassing you into paying them because you do not have enough income to pay off all your debt. During this time, you will work with a financial advisor to help organize your money to pay off all the bills.
However, in Canada (Americans, feel free to chip in here on what the law is in the US), once you declare bankruptcy, it stays on your credit report for 7 years and you will never be able to get another loan (very small, if you’re lucky) during this time. This can prove to be a problem if you’re trying to buy a house or even a car! Even after 7 years, you will still have a hard time obtaining credit. Basically, you’re starting from scratch.
No bank business
It’s one step before jumping off of a bridge! (you know, to end your life)
I found lots of good information here.
Do you mean bankruptcy?