Question

correct the text by inserting two commas. 1 you may be in debt mr. burton but theres no need to declare bankruptcy yet.

Explanation:

1. A direct address ("Mr. Burton") in a sentence requires commas to set it off from the rest of the text.
2. The coordinating conjunction "but" joins two independent clauses, so a comma is needed before it.

Answer:

You may be in debt, Mr. Burton, but there's no need to declare bankruptcy yet.