Virtually every country with a modern legal system features some form of debt relief for individuals.
The DICE report 2006 of Munich's ifo Economic Research compared international personal bankruptcy in selected OECD-countries.
The rules for filing personal bankruptcy in each province and territory differ slightly.
Common items for exemption include clothing, furniture, appliances, motor vehicles, medical and dental aids, a home, family heirlooms, and some insurance.
Personal Bankruptcy will eliminate most, if not all, of an individual’s debt, but it also impacts their future ability to obtain credit.
[7] Since 1996, Israeli personal bankruptcy law has shifted to a relatively debtor-friendly regime, not unlike the American model.