There are 3 main risks associated with declaring yourself bankrupt. Bankruptcy can have an impact on your:Assets: If you have assets, which includes everything from home equity to personal savings, you can expect these to be seized as part of the repayment process.Employment: If you’re a business owner, your business will be shut down immediately. If you work in a regulated profession (such as law, banking or accountancy), you can be disqualified as a member of the professional body.Credit rating: Bankruptcy will make it very difficult to obtain credit for the next six years. Even after your proceedings are finished, you may find it hard to open a bank account or even rent property as a tenant.