I believe you cannot do certain jobs being a bankrupt, but not sure about the RAF or what the score would be if you are currently serving?
Either way, it sounds like you have some serious money probs, which need sorting. Declaring bankruptcy is not an easy cop out!
Might I suggest, before it gets any worse seek some independent professional advice on how to pay back your debt, Citizens Advice for example?
I am not sure if you have to declare being so in debt...it could attract subversives for example, so could become a security issue.
If you face up to it now, which you have by taking the 1st step in seeking advice, I would personally approach your line manager/boss (whomever is the most approachable) and ask them to assist and advise. Tough I know, but its gonna be a rocky road anyway!
There are others on here who can advise with the rules and regs etc where the RAF are concerned, and who can help far more than I, but good luck and there is an end of the road.
D