I am aware of the personal exemption limitations but was wondering what if I own a small business? Would that affect the petition? is there any chance of losing the establishment? Would the trustee order to either sell or liquidate it?

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It absolutely depends on the business and the bankruptcy trustee. If the business is a profitable one, you need to list it among your assets while submitting petition. However, if it’s not a profitable one, need not required.

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