Is there a diffference between personal and business bankruptcy.?

Answer 1

Business bankruptcy is different only if it is a corporation.
In the case of a corp, debts are not the responsibility of the owner and do not become a personal obligation.
This can be over ridden if the owner has signed a personal guarantee for the corp.
Proprietor-ships are the same as personal debts.

Answer 2

Depends which country you are in.

In the UK personal bankruptcy is where the individual person is made bankrupt. You surrender control of your assets to the Insolvency Service, usually for a year, then you get discharged.

There is no such thing as 'business bankruptcy' it is known as Insolvency. In this case the Insolvency Service take over the assets of the company to pay of the creditors.

Their is also Receivership, where a company continues to operate under the control of a Liquidator, until a buyer can be found, or until the company is wound up.

Answer 3

Yes.

Personal bankruptcy is where you yourself has been made bankrupt.

Business bankruptcy is where the company has been made bankrupt. The business itself, and would not relate to an individual.