1. We are the main share holders in a "S" corp. The corporation is not longer doing business but have an outstanding credit card balance. We are making the mim payments but will not be able any longer. What can be done to us if we stop paying.
2. We also used a personal credit card for this business and have the same problem.

The credit card company will take you to court and seek a judgement. You would likely lose but collecting on the judgement may be difficult for them to do if you are busted. Have you looked in filing bankruptcy?