Yes, when filing for personal Chapter 7 bankruptcy have a duty to disclose all assets. If an individual is filing for Chapter 7 bankruptcy and they own 100% of a corporation, they must list the ownership interest of the corporation in their bankruptcy. IF the corporation holds assets or money, these will fall within the bankruptcy estate and are subject to Chapter 7 trustee review and perhaps even liquidation. This is in a circumstance where the corporation has no debts secured by such assets.
It is important to carefully go through all ownership interests in individual has when they are contemplating filing a Chapter 7 bankruptcy.
