Re: s corporation
A bankruptcy will discharge all your personal debt. The money you owe to the corporation or personally guaranteed to the corporation's creditors will be discharged.
The reason people open corporations is so that they can escape personal liability in the event the corporate business fails. So, there is no reason you should be paying the corporate debts unless you have signed personal guarantees. As a matter of law, you are not responsible for the debts of a corporation, even if you are the sold shareholder.
There are two important exceptions to this rule: 1. Fraud, and 2. Violation of the Business Judgment Rule.
If you have lied to the business' creditors, then you may be liable to them, whether or not you signed a guarantee. Likewise, if you caused the business to enter into some poor transactions without any valid business reason for doing so, you could be liable to the other shareholders.
Bankruptcy could discharge everything but fraud and criminal conduct (and a few other things not relevant to this question). So, a bankruptcy could very well be the best way for you to obtain a new and fresh start.
Depending on the chapter you file, you may have to wait a few months until you start a new business.
Many attorneys, including me, will provide you with a free means test analysis to determine whether you qualify for bankruptcy and what chapters.
