If I file bankruptcy for my small business, will that affect my personal credit?

It depends. Is your small business an independent entity (corporation or LLC)? If your small business is a sole proprietorship, the liability is personal to you.

It depends on the cross over with your personal obligations. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.

You really should consult with a bankruptcy attorney since there are question that must be answered before answering your question intelligently. You do not say what form your business is or even whether it is a separate entity. You do not indicate whether you have observed all the formalities that would keep a business entity intact and allow it to protect you from individual liability. And there are always questions as to how the business has used its funds and how it has gotten to the place where it cannot pay its contractors. And you do not say whether the business has assets of any type, including receivables. On the surface of you question, yes, your business can file bankruptcy. But whether that will bring you the protection you are seeking is not so simple.