In India, we have paid more attention to the restructuring and winding up processes for companies. In contrast, the legal framework for insolvency in India is rooted in century old laws. In this paper, we motivate the need for a personal bankruptcy law, and study the existing Indian legal framework in the form of the Presidency Towns Insolvency Act, 1909 for Calcutta, Bombay and Madras and the Provincial Insolvency Act, 1920. We also study the system in the UK and Australia, and draw lessons for reform for India.