Conditions for personal bankruptcy application in Guiyang

1. The debtor becomes insolvent. Refers to the debtor's payment of debts by providing services and skills accepted by creditors. When the debtor fails to pay off the debt in various ways, it constitutes the loss of solvency.

2. The debtor has temporarily stopped paying due to problems such as cash flow difficulties. But the debtor is unable to pay off for a long time or in the foreseeable period.

3. The debtor's assets are insufficient to pay off the debts due. In other words, the value of the debtor's assets is less than the debt.

According to the relevant provisions of China's bankruptcy law, if the debtor is unable to pay off due debts, the creditor may apply to the people's court for reorganization or bankruptcy liquidation of the debtor. If an enterprise as a legal person has been dissolved but has not been liquidated or its assets are insufficient to pay off its debts, the person liable for liquidation according to law shall apply to the people's court for bankruptcy liquidation.