Bankruptcy really is the last resort. If you do decide to go down this road, then don't do as previously advised and "squirrel money away" as this would cause trouble with your Trustee in Bankruptcy when s/he finds out.(posted 8066 days ago)I would suggest that you have a word with your small business advisor or whatever they're called now at your bank - if your business is a viable one and they can see that you're just going through a sticky patch, then they may be willing to lend you some extra cash. If there is equity in your house, then they may be willing to secure funds against that. If you haven't already talked the problem over with the taxman and vatman, then I suggest that you do - because they will take precedence over any other debt.
I don't know much about running a business, but I really would suggest that you talk to an advisor to see what options are open to you. Good luck.