Hi there Scott. Welcome. I am sure we will be able to help.
From what you have said it looks like bankruptcy is a good option for you. Given you are renting your home will not be affected (as long as you continue to pay the rent) and your landlord will not be told. You should also be able to keep your car as it is worth less than £1000.
Once you have made the decision to go ahead then it is correct that you can stop payments to the debts you plan to include. Why? Well basically if you are going bankrupt it stands to reason you cannot afford to continue paying them. You will also need to save all your spare cash to pay for the bankruptcy fee
. There is nothing to stop you continuing to pay them if you wish but it will not make any difference to the outcome of your bankruptcy.
Of course when you stop paying your creditors they will start to chase you. Ultimately there is nothing they can do to you that will not be overturned once you are bankrupt. Normally if you tell them you are going bankrupt and ask them to put your account on hold for a month or two to give you time to get things sorted they will be quite helpful.
In terms of your bank account yes you will normally need to open a new one unless the account you use is already a basic one. You can find out more about this here: Bankruptcy and your Bank Account
I hope this helps. If you need more advice please do not hesitate to come back and ask more questions
Discharged from bankruptcy in 2010 and still debt free
Thanks to all on this forum for your advice and support.