To be bankrupt is to be financially crippled. A bankrupt cannot be allowed to handle his/her own money. In fact, his/her valuables and belongings will be handed over to a government officer known as the Official Assignee, for control and distribution to his/her approved creditors.Terms and Definitions:-

Insolvent person
A person who is unable to pay his or her debts.
Scheme of Arrangement
Instalment plan.
Proof of Debt
Claims filed by creditor showing documentary proof that the debtor does owe money to the creditor. eg. Orders granted from court or signed contracts etc.
Date of Bankruptcy
Date Bankruptcy Petition filed/presented.
Secured Creditor
creditors who hold security over your goods and property (eg. Bank that has you have mortgaged your property to).