First, is the business incorporated or an LLC. If not, all of the business assets will be considered personal assets and part of the bankruptcy process.
If you have formed an entity, you will have to disclose and value your ownership interest in the business. For example, in your filings you would list ownership of 100% of the membership units in _____________, LLC, valued at $___________. Depending on the extent of your other assets and the value of the LLC, it may or may not be exempt. If the asset (membership units) are exempt, it means that they can not be touched by the bankruptcy trustee or your creditors.
Be very careful not to make any transfers prior to talking to a competent bankruptcy attorney. there are a number of lookback periods when filing a bankruptcy. What this means is that if you have transfered property within a certain amount of time prior to filing, the court will still consider it in your bankruptcy.
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