This is a tough one but I will share with you a couple of thoughts that come to mind. If time is against you and you have to act fast the first question I would deal with is whether Time will in fact help you and whether you truly feel there is no recovery from the situation. If time will help I was strongly recommend hiring a competent attorney in the area bankruptcy law. There are various forms of bankruptcy; the most important of which for business owner is the possibility of getting the creditors off your back if you can basically certify that you come out of this with a resolution for your creditors. If this is not the case, then a different form of bankruptcy may, and I repeat the word may, take some of the psychological trauma off your shoulders by simply throwing in the towel and starting anew. When speaking with a competent attorney, check to find out if your state has any homestead exemptions that might protect your private residence from creditors. This is the case in Florida but I'm totally unfamiliar with how widespread this form of protection may be. Good Luck
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