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What should be do regarding a business bankruptcy?

Question Details: My husband and I bought a franchise license for a smartphone repair store. After a 1 1/2 years of being open, we are just not making it and need to cut our loses. We bought a franchise license which cost 30K and then spent an additional 110K in buildout costs to open the store front. Then spent another 80K in just the operational/overhead costs between now and then, to help keep afloat. In addition, we are 20K in over our heads on credit card debt. It's just not working and don't know what else to do other than file for bankruptcy. This has taken a toll on our family, our health, mental state and it's just not worth continuing. What steps do you recommend we take from here, if we do file for bankruptcy? We cannot afford to spend any more money on this. My fear though with bankruptcy is could this go on our personal credit? We opened the business under a corporate business entity. Also, will the 20K credit card debt need to be repaid?

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