business/personal bankruptcy

[Amy J]

What is the name of your state? Colorado

Is there a way out?
I own a small business, opened 2 1/2 years ago. We've had good months and bad months, but have operated it pretty much at breakeven or less.
We invested further setting up our business to franchise it, knowing in good faith that our concept, in a different demographic, would excel.
We no longer have funds to market the franchising opportunity, and have run out of capital for the "flagship" operation.
We have a $80k SBA loan and $75k in business credit card payments.
We have $125k in personal debt, plus we owe $125k on a home equity loan. We also owe the government $25k.
The value of our home is roughly $600k. It's our only last asset and the one thing we don't want to lose.
My husband and I have both gone back to work to start digging out -- our combined income will be $117k.
Our business appears on the surface to be a great opportunity, as it could grow if and when the area around it grows. Plus, there is value in the franchise circular and offering that we invested in.
Thoughts?What is the name of your state?