This is the first time that we had bankruptcy enshrined

那是我们首次将破产法立法
as an institution that lasts all the time.

并且沿用至今
It's not just during financial crisis;

不仅是在金融危机才是如此
you can at any time declare bankruptcy

你可以随时宣布破产
as a way to protect yourself.

借此保护自己
There was another landmark. This is a landmark bankruptcy law and

这是破产法的里程碑之一
there was another one in 1978--another landmark bankruptcy bill,

另一个里程碑是1978年另外一破产法案
which made it even easier,

使得破产更加容易
much easier for people to declare bankruptcy.

人们更容易宣告破产
As a result, especially after 1978,

而这所导致的尤其是在1978年后
bankruptcies became very commonly used ways

破产成为了个人
to manage extreme outcomes in one's finances.

处理经济危机局面时的普遍做法