Well his first bankruptcy was early on in the life if this act.
'In 1831 a special court of bankruptcy was established, consisting of six commissioners with four judges as a court of review, and official assignees attached to the court for the purpose of getting in the distributing the bankrupt's assets. Non-traders were originally excluded from the bankruptcy court, and a special court called the "court for relief of insolvent debtors" was instituted for their benefit, in which relief from the liability to imprisonment could be obtained on surrender of their property, but they were not discharged from their debts, subsequently-acquired property remaining liable. Both of these courts were subsequently abolished, non-traders were permitted to obtain the benefit of the bankruptcy laws, including a discharge, and in 1869 the system of official assignees was swept away, and a new court of bankruptcy created.'
So 'late of Scotland Cottage' had he given his property up? ' Subsequently acquired property remaining liable' could be why he moved away from Cheltenham and changed his name, so that the court couldn't find him and any new property he obtained.
I'm not a legal expert but it's my take on it.