Okay, a personal bankruptcy
) would wipe out your personal obligation on the corporate debt -- in addition to your personal debts. However, unless you actually bankrupted the corporation, too, your creditors could continue to try to reach the corporate assets and income to satisfy the debt.
In order to completely avoid the debt, you would have to file a Chapter 11 on the corporation. However, as part of your personal bankruptcy, the bankruptcy trustee
would have the authority to sell your stock to anyone who wanted to purchase. So, there is a risk that you could lose the entire corporation to an investor. Since the corporation is so far in debt, I don't view this as a likely outcome -- but, it's legally possible, so I'm mentioning to be thorough.
Of course, once you file personal bankruptcy, you can simply close the doors on the corporation, and start a new business. None of your creditors would be very happy, but there wouldn't be anything they could do to stop you, as long as you didn't transfer assets from your old corporation to your new one.
Hope this helps.