It depends on which entity is actually the debtor filing the bankruptcy case. If the business itself is filing the case and is the debtor, then that should not affect personal credit. Business bankruptcies are chapter 11 cases which are reorganizations.

However it is common for a small business that cannot continue operating to simply shut its doors, liquidate its remaining assets and pay back as much as it can. After that, the creditors are left with their debt. If the business owner personally guaranteed the debts, the creditors will then try to pursue that person because of the personal guarantees.

So what often happens next, is that the business owner files a personal bankruptcy and lists all those business debts that they personally guaranteed so that they can get rid of that debt. On a bankruptcy you can check if your debts are primarily consumer debt or business debt. You can have a personal bankruptcy where the debtor checks the box for business debt and lists any debts from the business they think they guaranteed (such as a business credit card).

In that scenario the person would actually be debtor (even though they are listing business debt) and that would indeed affect personal credit.

YES, YES and YES again.
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Yes business bankruptcy can affect your personal credit score. It's all dependent how your busiess was initially structured. Sole Proprietorship, Partnership Limited Liabilty Corporation or Corporation can all bring financial hardship once business debts reach out of control status

Bankruptcy does indeed effect personal credit. My husband and I filed chapter 13 bankruptcy about 11 years ago.

With a chapter 13 bankruptcy, it works almost like a consolidation loan. We had to pay so much a month to a trustee that was appointed to us. He then paid the creditors. Our house was not taken away nor our cars. We were able to keep certain things.

After it was paid in full, we were done with it free and clear. We ended up paying it off early.

Our credit score went way down and we were told we would not be able to get it back up for years. We were also told we would not be able to get any credit cards, etc for a few years. After a year or two, we did buy a car but had a higher interest rate than we would have had if we never filed the bankruptcy.

We also started getting credit card offers but with a high interest rate. I eventually got one just so we could start getting our score up higher. I never used the card, just kept it filed away.

After a few years, our credit score kept going up and up and now its higher than ever and its excellent.