Bankruptcy protects the filer from being sued by it's creditors or generally. Even if there are no assets to be distributed you might do it for that reason. I

Bankruptcy protects the filer from being sued by it's creditors or generally. Even if there are no assets to be distributed you might do it for that reason. It also may help to keep the officers and directors from being sued personally since walking away from a company and not settling it's affairs in an orderly fashion could be grounds to pierce the corporate veil in some cases.