The simple answer is yes, you can file bankruptcy if you own a business. I'm not referencing a business that is failing that needs to file bankruptcy - that would be a Chapter 7 or Chapter 11. Instead I'm referencing someone who needs to file bankruptcy, either Chapter 7 Liquidation or Chapter 13 Reorganization, but they own a business; the debtor owns either an LLC or Corporation, either 100% or jointly with other owners.
I recently released a blog and related podcast about the bankruptcy code being broken into 9 chapters, all odd numbered except for one even numbered chapter. That post failed to mention a Chapter 6.5, which you won't find in the bankruptcy code, and you won't even find it mentioned in the halls of the bankruptcy court as slang (unless this post goes viral). So what the heck is a Chapter 6.5?