[robin_reala]

That’s categorically not true. For example, in the UK you can file for bankruptcy[1] and in Sweden you can apply through Kronofogden to have personal debts cancelled after a supervised three year period.

[1] https://www.gov.uk/bankruptcy

[whizzter]

Slight correction, In Sweden you can apply for "debt-sanitation" from Kronofogden, it requires you to pay all earned money above an level called "existential minimum" for _5_ years (ie you'll live as a really "poor person").

After that point in time all the old debts are cleared off (although you might still be stuck with bad credit scores).

[b20000]

ok, so not the same thing as in the US.

[whizzter]

Not technically, but that's no surprise since the legal systems are different. In practice though it serves the same purpose of making individuals debt free (even if it forces one to go through dog years).

Iirc Bankruptcy is technically reserved for companies and other legal entities, and always either ends in reconstitution or liquidation depending on if a court appointed lawyer finds that there are funds, income or other means to continue operating, or if liquidation is the only way that creditors will receive anything back.