business partnership

[starter]

I'm filing for chptr 7 and have a business. Some of the biz assets were paid in full. My biz partner and I own 50/50 on the equipment that was paid for, what happens to those assets? Does my biz partner lose the equipment?
Thanks in advance

[yoyoma51]

We had a corporation with another couple that were our business partners. We dissolved our corporation and sold the assets of the corporation to our partners before we filed. Stuck the money away in some retirement accounts and then waited about 4 months to file our chapter 7. All on the advice of our attorney.

Seems to have worked out very well.