US-style American bankruptcies

I was shocked to learn Europe doesn’t have a system for personal bankruptcies (except for Wales and Scotland, but unfortunately those are not EU anymore). Unlike in the US, debts are NOT forgiven after a personal bankruptcy in the EU.

Personal bankruptcies are (sadly) common amongst entrepreneurs in both Europe and the US. The difference is that American entrepreneurs can restart their lives right away, while European entrepreneurs will have to work years or even decades to pay back any personal debts they might have accrued while running a startup.