So you are a company? Personal bankruptcy? The bankruptcy of the company may not be able to repay the bank loan, but the bank has the priority to auction all the things of the company, and the money from the auction belongs to the bank.

Personal? There seems to be no personal bankruptcy law in China, so individuals don't pay it back, and they will call again after the deadline. If it reaches a certain amount, he will file a lawsuit, and you will be fine if you win the case (there will be some problems in credit reporting). If you lose the case, you will face imprisonment. How long depends on your quantity. The shortest is three years, and the longest is indefinite.