You can avoid small business bankruptcy
Optimistic as it might sound, this is still very much possible. You will have to take steps to avoid being declared bankrupt. However, this might be hard to do for big business administration bankruptcy because in that case you will not be the only one who will be calling the shots. But in the case of a small business bankruptcy, you make the decisions alone.
You will need to disclose all your assets to the lenders. Do not hide assets as this will be discovered and you could be charged with fraud. Pay all your taxes even as you cut down on your expenses as much as possible, leaving only what is absolutely necessary. Have several bank accounts if you have a loan with your bank. They might decide to raid your account to settle their loan. Forget the unsecured loans first and concentrate on the secured loan resettlement. Here is where you will need to put business administration company skills that you have learned into practice.