Your business took time and hard work to build, and the thought of having to shut it down due to poor financial planning is frustrating, to say the least. The good news for you is that bankruptcy doesn't always require you to shut your business down. Certain kinds of bankruptcy allow you to remain open while you restructure the business so that you can bring in a profit.
Business reorganization can occur with a Chapter 11 bankruptcy. This form of bankruptcy allows you to reorganize while you continue running your business. This is best for companies that bring in profits and who have employees since they can continue to pay certain debts and expenses as they work through the factors that are straining the business.