In England and Wales, bankruptcy is the term used for individual insolvency. The Insolvency Act 1986 and Insolvency Rules 2016 govern both personal and corporate insolvency. Debtors have options besides bankruptcy, such as Debt Management Plans or Individual Voluntary Arrangements. If repayment isn't possible, they can apply for a Debt Relief Order or Bankruptcy Order. English law is considered debtor-friendly due to its simplicity and automatic discharge.