A corporation, even an S-corp., is a separate and distinct legal person from the shareholders. The shareholders are not responsible for the corporation's debts, with the following limited exceptions:1) the shareholders personally guaranteed the debts--they would be liable on the guarantee;2) the shareholders are liable for any credit cards issued to them personally, even if the business name is also on the card;3) certain tax debts (withholding and sales taxes) are the resposibilities of managers and/or responsible shareholders;4) the debt arises out of a tort (wrongful act) done personally by a shareholder--e.g. if in driving the company car to a sales meeting, you hit someone, you can be liable as the at fault driver, and not because you are a shareholder; or5) If the creditors can "pierce the corporate veil", or show that there was essetially no meaningful distinction between shareholders and corporation (e.g. comingled funds)--this is rarely done successfully, but is a possibility.Apart from the above, the company's debts are not the shareholder's debts, and similarly, the company's bankruptcy will not affect the shareholders personally.