I went through something similar with my own business and used a system like Sugar CRM to keep track of communications and finances. Your plan sounds solid—if you can pay off all personally guaranteed debts before filing for Chapter 7, it could help you avoid personal bankruptcy....

The key is to ensure all your debts and obligations are managed properly. Working out payment plans with creditors could also be a good option if the business can’t cover all debts. Consulting with a bankruptcy attorney might also provide clarity on how best to handle the situation and protect yo...