Much like stated above, an owner and a corporation are two separate entities, and thus a corporation owner is not personally reliable for the corporation’s debt. This means your credit rating will not be affected by a bankruptcy on the corporation’s behalf. The only ways you may end up owing money during a corporate bankruptcy is if you have given a personal guarantee either for a bank loan or landlord agreement, or if you are a director. In smaller businesses, such as partnerships or sole proprietorships, business owners will likely be held responsible for debts incurred by the company. In these cases, both the business and the owner will likely have to file for bankruptcy.