If the debtor is the sole owner of the corporation, and he files personal Ch. 7, then the trustee will own the corporation. Trustee could then decide whether or not to liquidate corporate assets in order to pay debtor's creditors. In the end, the corporation would remain and the debtor could buy the shares back from the trustee, assuming no third party wanted them.
Meanwhile, the debtor would no longer have any personal guarantee on the corporate debt -- but also probably no creditors. So, the corporation would just be an empty shell, waiting to be dissolved.
I'm not sure what the goal is here, but I don't see any reason to put the corporation into bankruptcy. That's just a waste of money.
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