Personal bankruptcy: a legal procedure in which an individual files with the court due to inability to pay debts, seeking discharge of liabilities; often seen as a last resort.
多額の借金のため、彼は自己破産を申し立てた。
Because of large debts, he filed for personal bankruptcy.
自己破産をすると一定の財産が手放されることがあるが、生活に必要な物は保護される場合もある。
When declaring personal bankruptcy, some assets may be surrendered, but items necessary for living may be protected in some cases.
弁護士に相談してから自己破産の手続きを進める人が多い。
Many people consult a lawyer before proceeding with personal bankruptcy procedures.