The debt or whatever you owe to the bank ceases to exist after seven years of declaring bankruptcy. Though during those seven years your credit rating is normally very bad.
The utilities/telephone/electricity providers do look at your credit rating when providing services. But under no circumstances they can force you to stay at home. You are free to cross the border to Mexico or to Canada even if you have a huge debt and as long as you have not been convicted of killing someone.
I know many people who spent years building their credit rating and then they took a massive loan and left the country with the money. I am not saying that it is right, but they did flee and the Government hasnt yet contacted the Interpol and from the looks the Government has no intention of putting their name in the red alert list.
Let leave the control of the (ECL) exit control list to the Government and the courts.