How does business bankruptcy work?

In the media business bankruptcy looks like this magical thing that can be filed to wash away a businesses debts without putting the business owner at any personal risk, but is it truly that? Can a business owner borrow money to open a business, have it tank, and then file business bankruptcy after not paying back any loan payments, and just borrow the same amount --or more-- of money the next year and start up again? If the same mentioned scenario happened again, could they just rinse and repeat every year for the rest of their lives? Filing different bankruptcies each time? How does the process work? When can one use it? How can it be used? How should it the used? Have you ever used it before? If so, how did it work? Why did you file it? Know anyone who's filed it? If so, how did it work for them? Why did they file it?