{"id":5468,"date":"2012-06-28T09:00:04","date_gmt":"2012-06-28T09:00:04","guid":{"rendered":"http:\/\/www.duncanlawonline.com\/?p=5468"},"modified":"2026-06-07T00:38:13","modified_gmt":"2026-06-07T04:38:13","slug":"list-my-business-assets-on-my-personal-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.duncanlawonline.com\/staging\/8350\/list-my-business-assets-on-my-personal-bankruptcy\/","title":{"rendered":"Do I Have To List My Business Assets on My Personal Bankruptcy?"},"content":{"rendered":"<p><iframe loading=\"lazy\" title=\"Do I Have to List My Business Assets On My Personal Bankruptcy?\" width=\"1200\" height=\"675\" src=\"https:\/\/www.youtube.com\/embed\/BW3uadvToss?wmode=transparent&amp;rel=0&amp;feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" referrerpolicy=\"strict-origin-when-cross-origin\" allowfullscreen><\/iframe><\/p>\n<p>This is an excellent question.\u00a0 For the most part, our bankruptcy clients who have businesses fall into two categories. The first category consists of those who feel as though they and their business are \u201cone\u201d entity. The second category consists of those who feel as though their business is a completely separate entity. Often, when clients drop their paperwork off at our office and we question what business assets exist, clients will reply, \u201cWell, that doesn\u2019t belong to me, that belongs to my business.\u201d\u00a0 So the real question is: what needs to be listed as assets in your bankruptcy and what does not?<\/p>\n<p>Technically, ALL of your assets need to be listed.\u00a0 Therefore, going back to our previous blog post on <em><a href=\"https:\/\/www.duncanlawonline.com\/are-my-tools-protected-in-a-bankruptcy\/\">whether or not tools are protected<\/a><\/em> we can examine debtor-owned businesses based upon the same scenarios.\u00a0 Let\u2019s use the example of Joe Blow\u2019s Lawn Care.\u00a0 Joe owns Joe Blow\u2019s Lawn Care.\u00a0 The lawn mower, rakes, blower, hedgers, etc. all belong to Joe. If he decided to no longer run the company next week, the only difference would be that the tools would move from his truck to his garage at home. These tools would need to be listed in Joe\u2019s personal property and protected by the exemption known as \u201cTools of the Trade\u201d as long as Joe is using them in his business. If Joe were to be sued, he would need to protect those tools as he would any other asset (such as a bank account or vehicle) he has from seizure.<\/p>\n<p>Referring back to the same situation as discussed in the previous blog post, let\u2019s use the scenario that Joe went to the Secretary of State and registered his company as a corporation.\u00a0 Now Joe Blow\u2019s Lawn Care, Inc. is the owner of the tools.\u00a0 Even though the company at this point in time owns the tools, let us not forget that in the end scheme of things the debtor owns the company.\u00a0 That company is an asset in itself; therefore the tools would be listed on the business balance sheet, included as an asset and the Joe\u2019s portion of equity from the corporation must be listed in the bankruptcy and protected.<\/p>\n<p>Regardless of how large or small, the court looks as personal assets all in the same; they need to be listed and at least attempted to be protected in the bankruptcy.\u00a0 Again, it goes back to the confusing question of how the business should be treated for bankruptcy purposes.\u00a0 Since businesses can get quite complicated at times, we strongly suggest that you thoroughly discuss your business and any other assets you or your business may have with your attorney so they may advise you properly to ensure your assets are protected.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is an excellent question.\u00a0 For the most part, our bankruptcy clients who have businesses fall into two categories. The first category consists of those who feel as though they and their business are \u201cone\u201d entity. The second category consists of those who feel as though their business is a completely separate entity. Often, when &#8230; <a title=\"Do I Have To List My Business Assets on My Personal Bankruptcy?\" class=\"read-more\" href=\"https:\/\/www.duncanlawonline.com\/staging\/8350\/list-my-business-assets-on-my-personal-bankruptcy\/\" aria-label=\"Read more about Do I Have To List My Business Assets on My Personal Bankruptcy?\">Read more<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"video","meta":{"nf_dc_page":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4171],"tags":[],"class_list":["post-5468","post","type-post","status-publish","format-video","hentry","category-bankruptcy-basics","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Business Assets in Personal Bankruptcy | Duncan Law<\/title>\n<meta name=\"description\" content=\"Yes, business assets must be listed in personal bankruptcy. Learn how sole proprietors and corporation owners handle business assets in NC bankruptcy filings.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.duncanlawonline.com\/list-my-business-assets-on-my-personal-bankruptcy\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Do I Have To List My Business Assets on My Personal Bankruptcy?\" \/>\n<meta property=\"og:description\" content=\"http:\/\/www.youtube.com\/watch?v=BW3uadvToss This is an excellent question.\u00a0 For the most part, our bankruptcy clients who have businesses fall into two\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.duncanlawonline.com\/list-my-business-assets-on-my-personal-bankruptcy\/\" \/>\n<meta property=\"og:site_name\" content=\"Duncan Law\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/duncanlawonline\" \/>\n<meta property=\"article:published_time\" content=\"2012-06-28T09:00:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2026-06-07T04:38:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.duncanlawonline.com\/wp-content\/uploads\/2026\/06\/blog-general-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Damon Duncan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@DuncanLaw\" \/>\n<meta name=\"twitter:site\" content=\"@DuncanLaw\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Damon Duncan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.duncanlawonline.com\\\/list-my-business-assets-on-my-personal-bankruptcy\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.duncanlawonline.com\\\/list-my-business-assets-on-my-personal-bankruptcy\\\/\"},\"author\":{\"name\":\"Damon Duncan\",\"@id\":\"https:\\\/\\\/www.duncanlawonline.com\\\/#\\\/schema\\\/person\\\/f7b4948225deab021c8ba0edbea00655\"},\"headline\":\"Do I Have To List My Business Assets on My Personal Bankruptcy?\",\"datePublished\":\"2012-06-28T09:00:04+00:00\",\"dateModified\":\"2026-06-07T04:38:13+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.duncanlawonline.com\\\/list-my-business-assets-on-my-personal-bankruptcy\\\/\"},\"wordCount\":484,\"publisher\":{\"@id\":\"https:\\\/\\\/www.duncanlawonline.com\\\/#organization\"},\"articleSection\":[\"Bankruptcy Basics\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.duncanlawonline.com\\\/list-my-business-assets-on-my-personal-bankruptcy\\\/\",\"url\":\"https:\\\/\\\/www.duncanlawonline.com\\\/list-my-business-assets-on-my-personal-bankruptcy\\\/\",\"name\":\"Business Assets in Personal Bankruptcy | Duncan Law\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.duncanlawonline.com\\\/#website\"},\"datePublished\":\"2012-06-28T09:00:04+00:00\",\"dateModified\":\"2026-06-07T04:38:13+00:00\",\"description\":\"Yes, business assets must be listed in personal bankruptcy. 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