After declaring bankruptcy, you can not own anything including, home, property, assets, automobile etc. All assets belonging to you come under the control of bankruptcy trustee. In case, you are family man or living with partner and children then you get maximum 12 months to make another arrangement. After the 12 months, your home or property will be sold by court to repay the money of creditors. If you don’t accept the order then this order will be fulfilled enforced by a court.
If debtor is joint owner in property or home with someone else then second owner can buy your part from the official receiver that is your creditor. Other bankruptcy effects are the restrictions placed on you for particular circumstances like you can not obtain loan, credit cards, etc. A bankrupt can not run business directly or indirectly in any condition. You can not mange the operation of any company without permission of court.
After declaring bankruptcy, you may get a new bank account but you have to disclose the fact about bankruptcy. After that, bank or lender can impose any condition on you. These bankruptcy effects make limited your life up to certain extent.
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