bankruptcy and mortgage corporations

I don't know if this belongs on this board, but I thought I would give it a try. Is there anyone out there that knows of any information I can find on a shareholder (10%)who needs to file bankruptcy, in a mortgage corporation that just got off the ground? This is in the state of Massachusettes and they have a 2nd phase (or temporary issuance of a brokers license) from the Mass Division of Banks. They do not yet have their permanent brokers licence. This person is a 10% shareholder, and with this new company taking a lot is thinking about bankruptcy. Question: would this compromise the integrity of the corporation if this person filed? Could this affect their chances of getting a permanent brokers licence if this person filed? What could the ramifications of the filing of bankruptcy be?

Also, if anyone knows of an internet site that I could find that would help out with this?

Does anyone know of any sites or information on this subject, or where I could find information on this subject?