Good advice and bankruptcy has no effect on your ability to deduct the loss. Selling now will lock it in and (likely) get the most money back to you. It's unlikely the stock will be deemed worthless for a while, so not selling means you may not be able to take the loss this year at all.

My only advice would be next investment, especially if it's only small and one stock is to stay away from anything not on the NYSE, AMEX or NASDAQ and even better buy either an ETF (fund of stocks traded like a regular stock) or a mutual fund. If you're looking to just "get rich quick", buy lots of lottery tickets as the odds are better (though admittedly, you don't get to deduct your losses).