You can file for personal bankruptcy (jiko hasan) to eliminate your debts but at the same time your property and assets that are not exempt under the bankruptcy law will be liquidated to pay back some portion of your debts. If you have no property, however, your debts will be discharged right after you file for personal bankruptcy by obtaining a court ruling granting simultaneous abolition of bankruptcy.
Habang ang mga dayuhan ay maaari din magsampa ng “Jiko Hasan” kaso ng paghihikahos o Bankruptcy ang mga ari-arian at kabuhayan ng taong nagkakautang, ayon sa batas Bankruptcy ng ay maaaring likidahin upang ipangbayad sa parte ng utang.)