Actor Park Bo-gum, who recently gained nationwide popularity through the tvN hit drama "Reply 1988," bounced back from bankruptcy last year, legal sources said Wednesday.

The 22-year-old actor was declared bankrupt in March 2015, after he filed a petition for bankruptcy and exemption from liability with the Seoul Central District Court in 2014, according to the sources.

Park has been cleared of his bankruptcy status just six months after the declaration, following the creditor's agreement to abide by the arbitration provided by the court. 

The debts are known to have been incurred because the actor stood as a joint surety for his family when he was a minor, the sources said.

"We do not know the details as they are Park's personal affairs which took place when he was very young," Blossom Entertainment said. "But as far as we know, all the problems were solved last year and there is no problem at the moment." an insider said.

Park made his debut in 2011 in South Korean thriller "Blind." (Yonhap)