Doesn't work that way. Lots of people owe a million to their bank (and some a lot more). With all the regulations if a bank finds themselves over extended they find themselves "placed under the control" of the FDIC - who then hands the assets out (sells at a super discount) to who ever they feel like. Look up what happened to Washington Mutual to see how fast it can happen to even one of the big boys.
The "BTO" that is incorporated usually has to sign a surety on any notes issued by a bank - meaning if the corporation goes broke the owner of the corporation is still on the hook. Otherwise the owner would pay themselves off and leave the bank holding an empty bag. Being incorporated only limits the liability from secondary creditors - but they probably won't get paid anyway because the bank gets its money first.
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Today's Featured Article - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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