Can a bankrupt live permanently in another country?
Generally, to get a permanent residence permit, you either have to have a valid job offer, or have enough proven resources to support yourself and any dependents living with you.
If you have a job offer, your residence permit will usually be limited to however long the company keeps you employed, or you find a new employer that is willing to sponsor your stay. Your status may be altered by marrying a local.
If you are planning on getting a residence permit on your own, the government website will usually lay out what amount of income is required for you to be considered for a residence permit. Some countries also offer residence by having a certain amount of money to invest in a business. Again, check the government website for information.
Another source would be local lawyers who work on residence permits. They are up to date on the newest laws. They know exactly what paperwork you need, and how to submit it. They also have contacts within the government departments that can facilitate your paperwork.
If you don't have legal issues, which do not let you obtain (legally) the permanent residence permit of another country, you are free to move. What you did with your money and business in another country has nothing to do with your life in a totally different jurisdiction. Any case, you will have to open a new bank account and start a new credit history.