The bankruptcy over the assets of insolvent natural persons, both the natural persons doing business individually (entrepreneurs) and those who could be covered by the general terms of consumers, exists as a legal instrument in majority of countries worldwide - Europe, too. Regardless the fact that these two types (subtypes) of bankruptcy are different, particularly regarding their goals related to the doctrine of 'New Beginning' which are not the same for both of these categories, it is possible to regulate them within the same law. In this paper the author summarily analyzes the most significant characteristics that are the advantages and deficiencies of two basic models that exist in comparative law: the Anglo-Saxon model and the Continental Europe's model. The author analyzes a number of legal solutions from these models that point to the tendency of their mutual harmonization. Based on these findings, the author formulates certain recommendations that should be taken into account when regulating this matter, particularly those related to the application of adequate pre-procedural and court mechanisms.