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Generally, no, not if the business itself is placed in Chapter 7 because a company isn't entitled to protect itself or its assets with exemptions. The general rule is that all of an individual's assets, including their business holdings, become property of the estate upon the filing of a How to File Bankruptcy Online Without an Attorney (10 steps)
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Instead, the bankruptcy trustee gathers and sells the debtor's nonexempt assets and uses the proceeds of such assets to pay holders of claims (creditors) in Dan Staeven is an attorney practicing in Maryland, D.C., and The Commonwealth of Virginia. In this series, “Let's Talk Bankruptcy”
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