A microgrid is a small-scale power system composed of distributed generation systems (DGs), such as solar power, wind power, and fuel cells, distributed storage systems (DSs), and loads. It is expected that many microgrids will be introduced in power grids in the near future as a clean energy grid. In microgrid operation, to meet the rating frequency, 50 or 60 Hz, is an important requirement of microgrid operation. Especially, in the case of supply shortage in the islanded operation mode, load shedding, which is an intentional load reduction, is used in order to maintain the rating frequency. Recently, a load-shedding scheme using the bankruptcy rule has been proposed as a reasonable method. In this paper, five well-known bankruptcy rules are compared and discussed for load shedding of islanded microgrid operation.