Most people believe that when a company seeks bankruptcy protection it generally means that that company is poised to go out of business and will cease to exist after the creditors have been paid. That is not always the case. There are a variety of ways to actually keep your company running and still seek protection from creditors.
The more prescient question to ask is whether you should. If your company is actually still a viable business with good prospects for future growth and is only facing short term troubles due to the economy or another external influence then the right choice may be to try and weather the storm and continue, this also holds true if your assets are worth more than your liabilities. If however, you are bleeding cash and there is no prospect for turning the company around then you may have to face reality by seeking protection and closing up shop once and for all.
Another factor to consider is if you are personally liable for the debts incurred by the business. If so, it may well be more advantageous for you to try and keep the company afloat(without incurring more debt) while you negotiate with the creditors as you may leave them no other option than to go after your personal assets if the business does not have the assets to cover all of the liabilities.
You should always seek the advice of a qualified Ohio bankruptcy attorney before you choose to do either and find out exactly where you stand.