<human>: I have owned my own (UK) restaurant business for almost four years. Until July this year I had a business partner, he has subsequently left & resigned as director although he is still a share holder. We both put equal amounts into the business as directors loans, we have paid ourselves back some of this but we each still have around 20k in the business.

We have always struggled and, to cut a long story short, I have now closed the business due to a downturn in trade and it affecting my personal life. It is currently listed on the market but if I don't sell the landlord will forfeit the lease.

When we started we took out some leases to get the more expensive equipment, we have paid off some of these but they total around 20k. We also have personal guarantees on the lease and we currently owe our landlord roughly 20k as well. All other debt is in the company name, which I will be declaring insolvent in the next few days.

My question is, should I declare bankruptcy and leave him to foot the bill? I have no assets, no house, no car, no dependents, no savings. I literally put everything into the business. My former partner however, who shares the guarantees, has a house, two children & two cars. I have been told that if renege on the guarantees and declare bankruptcy then he will be liable for the entire amount. He has told me that if I declare bankruptcy then we will no longer be friends and he wants nothing more to do with me.

What should I do? I really have no idea. I don't see how I could ever keep up with repayments were I to not declare bankruptcy. My former business partner has already put his house on the market as he is moving out of the area although he insists it is to service the debt. Their combined income is probably around 70k, the house is listed for 300k.

Can you succinctly summarize the text in 1-3 sentences?
<bot>: I owe money and don't know whether to declare bankruptcy as this would leave my former business partner to service the entire debt.