If an individual owes 1 million yuan and is unable to repay it, it can be repaid in installments. According to the law, the debt must be paid off. If the company owes RMB 1 million but cannot repay it, it can apply for bankruptcy. During bankruptcy liquidation, the amount of repayment will be distributed by the court in accordance with the provisions of laws and regulations. The remaining balance does not need to be repaid.

Solutions to overdue credit cards:

1. As a credit card holder, take the initiative to contact the other party, state your financial situation, declare that you do not owe the debt maliciously, and apply for delayed repayment. and interest discounts.

2. After overdue repayment of a credit card, it is best not to cancel the credit card immediately after paying off the debt. Instead, you should insist on using the card for more than two years and keep your credit in good condition during the period, so that you can rely on rolling credit. Record and remove bad records from the credit reporting system.

Legal basis

According to Article 108 of the General Principles of Civil Law: Debts must be paid off. If the debt is temporarily unable to repay, the debtor may repay it in installments with the consent of the creditor or the ruling of the people's court. If you are able to repay and refuse to repay, the people's court will make a judgment to force repayment.

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