What will become of all the people who become bankrupt during this economic crisis?

What about the property developers who borrowed for example on crazy interest only basis. When the capital payments become due in a year or two and they still havn't managed to sell off completed properties, the banks will surely make judgements against them. Presumably they will lose almost everything in many cases. What then? Can bankrupts pick themselves up and restart? I know they may be precluded from acting as directors or from certain professions, but in general, what will become of them and their families?