The conditions for an individual to apply for bankruptcy are as follows:

1. Unable to pay off due debts

Unable to pay off refers to the objective property situation that the debtor is unable to repay due to its inability to pay off due debts, also known as unable to pay or unable to pay.

2. Insolvency or obvious lack of solvency

Insolvency means that the debtor's liabilities exceed the actual assets. Its focus is on the proportional relationship between assets and debts, and the debtor's repayment ability is limited to the actual assets, regardless of possible repayment factors such as credit and ability. When calculating the amount, it is included in the total regardless of whether it is due.

Legal basis:

Article 73 of the Civil Code of the People's Republic of China * * * If a legal person is declared bankrupt, the bankruptcy liquidation shall be conducted according to law, and the legal person shall be terminated when the cancellation of registration is completed.

A legal person may be dissolved under any of the following circumstances:

The duration stipulated in the articles of association of the legal person expires or other dissolution reasons stipulated in the articles of association of the legal person occur;

the authority of the legal person resolves to dissolve;

it needs to be dissolved due to the merger or division of legal persons;

A legal person has its business license and registration certificate revoked according to law, and is ordered to close down or be revoked;

other circumstances stipulated by law.