Even if your business files for bankruptcy, you'll remain obligated to pay for any debt for which you agreed to assume responsibility personallyand that might not be the outcome you'd like. For instance, if you signed a business credit card agreement or took out a business loan in your name, or you signed apersonal guarantee(Links to an external site.) , you'll remain responsible for that debt. Similarly, filing for bankruptcy will only affect your personal credit report if you took out credit in your name or you are a sole proprietor.

Question " what are the effect of Bankruptcy on business?" in one or two paragraphs.