we own a business, its a corporation with the economy here we have been struggling to make the rent and other payments. We also a a business equity li

Your first concern is to determine which debts you are personally liable for.  It is common that the owners of a corporation will guaranty some of  the corporation's obligations.  Most photocopier leases, for example, have a provision biding the person signing as well as the corporation.  Check your lease and the bank line.  If you are not personally liable, then you may end up not filing a bankruptcy case at all.  Unless you file a chapter 11 reorganization case, there is little benefit in filing a bankruptcy case for a corporation where you have no personal liability.  The other form of bankruptcy that would be available for the corporation is a chapter 7 liquidation case.  The assets of the corporation get administered by the trustee, but the corporation never receives a discharge.  Plus, if you have determined you have no personal exposure there may not be much point in the filing.  One exception is that occasionally it is the best way to get creditors from badgering the owners of the corporation..A corporate chapter 7 is like a public burial.