If I file for personal bankruptcy, do I need to file for business bankruptcy as well?

Yes, you are supposed to list all your debts, which includes corporate debts you have personally guaranteed. Your personal case may discharge that debt entirely, or if the corporation is continuing to operate, it will only be owed by the corporation. It is important to consider all the alternative, especially regarding the corporation, so you should speak to an attorney.

Absolutely. All debts including contingent debts must be listed in your bankruptcy. You will need to discuss with your attorney the impact of filing personal bankruptcy if you have an ongoing business. Your interest in the business is an asset.

If you list all of your business creditors on your personal case, as contingent creditors for example, then you may not need to file for the business itself..presuming it is ceasing operation. If it is a corporate entity, it does not get a discharge anyway, so the filing does necessarily free it of pursuit by creditors. Creditors may pursue the defunct business but if you have identified them as creditors in your personal case, at least they will have no recourse against you. There are limited circumstances under which a corporate entity should file Chapter 7, beyond the scope of this response. The general rule of thumb is why invite a trustee to peel apart your corporate finances if not absolutely necessary?

Ms. Frank is correct; you will not be liable personally for any guarantees as a result of your individual BK & if the corporation owns no assets & is no longer operating a judgment against the corporation is worthless absent other factors not mentioned by you.