corporation out of money!!

What is the name of your state? ILLINois

2 friends and I formed a corporation in IL. We entered into a contract with state university to rent there convocation center to put on a 21 & under music party. We are the promotors so to speak. Party was a bust we lost 20,000 on sound/lighting/ and many other expenses to put the one day event on. We were supposed to pay the university for staff labor, door guards/consession operators etc. Normally the university takes this money out of the box office sales, but since box office sales were so horrible $1,000.00 now we owe them 4,500.00 more. The corporation we formed is out of money. If they were to sue us will the corporation protect us or will they be able to personally attack us for the money owed?? we have alot of complaints with there assistance in this event and believe this contributed to the poor turn-out?? Can the corporation file bankruptsy and should we?? THANKS my email is [email protected]

"If they were to sue us will the corporation protect us or will they be able to personally attack us for the money owed??"
*** Depends. Did anyone sign a personal guarantee on the contract??? If not, and if the corporation is the ONLY signator, then the corporation would be liable for any debts incurred. And though it is possible that they could 'pierce the corporate veil' and go after individuals, that would require additional (and more expensive) legal action.

"we have alot of complaints with there assistance in this event and believe this contributed to the poor turn-out??"
*** Okay.

"Can the corporation file bankruptsy and should we??"
*** Yes, the corporation can file bankrupcty, if qualified. Should it?? No one can answer that without a thorough review of the corporations finances.

"my email is..."
*** We don't email.