I'm sorry to hear about your situation.
Of course you will need to see an attorney in your area since corporate
bankruptcies can get very complicated, but my guess is you will need to file a personal bankruptcy
to discharge your personal guarantees
for the corporate debt. The corporation may or may not need to file bankruptcy, depending on whether the creditors will let the corporation dissolve and pay them whatever it can or if they start filing lawsuits.
You are only allowed to retain a certain amount of property in bankruptcy, so the rental properties will likely be taken by the court, sold, and the proceeds will go to creditors. You can see what property you are allowed to keep in a bankruptcy filed in Iowa by going HERE
. Any amount still owed after the creditors are paid will likely be discharged and wiped out.
Good luck, and if I didn't answer your question or if you have any more questions, please let me know.
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Either way, you will hopefully be out of debt and have a fresh start.