Company Bankrurcy vs. Company Liqudation?

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We area limited Liability Company (sole memebr) in Kentucky and cannot sustain our company operations any longer. We have $300K in assets (mostly old equipment) and $786K in liabilities with only one loan i/a/o $92K that has a personal guartee on it. No judgements yet but not far away. Can we avoid Bankrupcy court and liqudate without having any lawsuits follow us? Please advise