Right, firstly don't think that bankruptcy is an easy way out'. It ain't.

If you don't have any assets, ie. car, house etc then it really makes no odds as if you haven't got anything, the Receiver can't take it. The Landlord situation is a tricky one as he is legally entitled to evict if rent is owed, and equally if someone is a bankrupt they may well be breaking their tenancy agreement in which case the landlord is entitled to evict. Please don't think that if the guy goes pop that he's protected from the Landlord kicking him out. He's not.

There are also the ramifications elsewhere. If the guy does get evicted, if he tries to rent another place searches will be done and they will show bankruptcy and alot of Landlords / letting agents won't help. Equally, if the guy works the Receiver is entitled to take whatever percentage of the take home that is agreed / arranged etc which could prove problematic in finding a deposit etc for another place. If assets are involved then these can and usually are sold to repay creditors x pence in the £1 they are owed. What figures are we talking here ? How many creditors ? If more than I think 3 then a Voluntary Arrangement may be a better idea.