unfortunately, the steel that they used to make the Bandit tanks from wasnt the best (the gsx750x ones were even worse!)...
take out the bolts holding the fuel tap (watch out, they may snap off where they have rusted in) and remove the fuel pick up pipe. this will have a filter on it and will show you the extent of the muck/rust in the tank. the primary filter will only catch large flakes, and will allow rusty powder suspended in the fuel through to accumulate in your carbs.
i have used "PetSeal" before with good results, but youll need the large kit for a bandit tank.....
if you snap off the bolts in the bottom of the tank, it can be repaired by drilling and tapping.

tanks can be cleaned out quite easily tho.

is the bike running? or did it cut out and now wont run????.....
the fuel injected bikes have a tilt switch that cuts the engine if they fall over, not sure if the bandit has this, but worth checking if yours wont start now, either that or its just flooded up......