Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
1) The "property of a business partnership" exemption does not apply to corporations.
2) The assets of a corporation with shares that belong to someone who is filing a personal Bankruptcy do not directly become part of the Bankruptcy estate. Only the shares that the Bankruptcy filer owns become part of the Bankruptcy estate.
This means the Bankruptcy trustee can sell those shares, the value of which will at least partially depend on what assets the corporation owns.