If you have decided that your business has no future and that debt reorganization is not very doable, then filing for Chapter 7 bankruptcy would be the best way to go about filing for bankruptcy.
If your business is eligible for Chapter 7 bankruptcy, then the liquidation process would begin. At that point, your creditors would be able to take in the profits from the assets that will be sold when your business is liquidated.
When Chapter 7 bankruptcy is complete, all of the owner's debts will be discharged. This means that you will not be responsible for your business's debts anymore.
If you still feel that your business can succeed, but the debts your business is incurring are too much to pay at the current moment in time, then you could consider filing for Chapter 11 bankruptcy.
This type of bankruptcy would reorganize your debts. This often consolidates your debts from many creditors into a single payment that would be affordable for you to pay off in your current state.
This would allow you to keep assets that are critical to keeping your business going. You would not necessarily lose the office space that you are renting for your business. You would need to consider giving up some assets to lower your debts.
You would not be able to add any more debt to your business after Chapter 11 is filed.
We would encourage you to talk to a Tulsa bankruptcy attorney before deciding what will be the best decision for your business. They will help better understand if your business is in a position to file for bankruptcy or not and, if so, what type of bankruptcy your business should consider filing.