Whilst most would (and should) consider bankruptcy to be a last resort, it is nonetheless an option open to anyone who is in debt. If you have assets of any description and go bankrupt, the Accountant In Bankruptcy (AiB) will assess these to see if they should be sold for the benefit of your creditors. You will have no control over this process and should therefore seek advice before you petition for bankruptcy.
If you have no assets, the AiB will agree a monthly repayment for you to make to your creditors. This will be very similar to the calculation used on this site in How much do I pay? and will last for as long as the AiB feels is appropriate (usually up to three years).
If your income is derived solely from benefits you will not have to pay anything other than the standard application fee for bankruptcy. The application for bankruptcy directly from the AiB is below.