What are the pros and cons to filing bankruptcy for our small business that we are going to close.

The answer to this question is very complex.  In certain circumstances there may be no benefit in filing bankruptcy on behalf of a corporation because the corporation cannot receive a discharge of its debts.  Additionally, filing bankruptcy for the corporation may not relieve a co-debtor or guarantor of having to pay a debt.  You should contact a bankruptcy attorney to discuss the specifics of your case and make sure that you understand your obligations when winding down the business and how to disburse the corporation’s assets to avoid potential liability.