It isn't clear how the assets are held - that is, by your business or by you individually. If the assets are held by you as an individual, you can resolve the entire matter through your own bankruptcy. If you opt for a Chapter 13 bankruptcy (or are restricted to Chapter 13 by the Bankruptcy Reform Act) you would typically have your debts reduced and restructured into a multi-year payoff plan based upon your means. Certain of your assets might be subject to liquidation by virtue of your holdings exceeding your exemptions, or by virtue of their being collateral for a secured debt. A bankruptcy lawyer can guide you through your exemptions, and describe the type of plan you might end up having.

If the debt is primarily personal to you, but the assets are held by the LLC, your personal bankruptcy would alleviate you of responsibility for the debt (beyond any payoff plan ordered under Chapter 13), but the LLC would continue to owe the debts (and own the assets). You could have a separate bankruptcy proceeding for the LLC, or you could wind it down, liquidate its assets to pay off its debts, and walk away from it. If this is the case you would probably want to discuss your options with a lawyer who handles business bankruptcies, and to form a strategy consistent with the law.