When business owners file for bankruptcy, their business assets will typically be protected. This is especially true if the filer is a limited partner in a partnership or a shareholder in a corporation.

However, if the business owner is a sole proprietor or a general partner in a partnership, they may not receive as much protection. The extent of protection varies from state to state, with certain limits on the dollar amount of business assets that may be protected. 

If you or anyone you know is considering filing for personal bankruptcy, contact the Arizona personal bankruptcy lawyers of the Harmon Law Office at 480-829-0494.