business bankrupty

[meganwortman]

My husband has been the owner of a small business in Virginia for the past eight years. We recently moved to Colorado because I got a new job and the business did not get its contracts renewed. The monthly business debt from business loans etc are about $ 2,000 per month. My husband was able to sell some equipment and has been able to make the payments for a few months but we are about tapped out. He is looking for a job but we can't make the business debt payments on my salary alone.

What are the personal credit consequences for filing business bankruptcy? How would I be affected - could creditors come after my income?

Thanks