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If you've run up big business debts and are worried you'll never being able to repay them, it may be time to sell the business's assets, pay off its debts as best you can, and move on. Most small business owners in this situation think of bankruptcy. While bankruptcy can wipe out most of your debts, it is also an expensive and public process. There are alternative ways to liquidate your business that are more flexible and private, and that can save you money and your good credit. Which business liquidation option works best for you depends on the size of your business, the amount of your debts (business and personal), and the type of business you operate.