The corporation has a few assets. It also has several debts that are not personally guaranteed
Your business partner's individual bankruptcy does not discharge debts of the corporation. The corporation is not filing bankruptcy (I assume), so the only debts that will be affected are his personal debts. Also debts of the corporation that he has personally guaranteed will no longer be enforceable against him personally, but still enforceable against the corporation.
The bankruptcy trustee will take any legal interest your partner has in the corporation, so if the corporation has substantial value that can be liquidated, the trustee's job is to do so. Since you said the corporation has "few assets," the trustee probably won't be interested. Hopefully your partner is using the services of a qualified bankruptcy lawyer in your area. Good luck.
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