If you file for personal bankruptcy and you own a corporation, what you have to understand is that a personal bankruptcy contains everything that you own in it. That property becomes property of the estate. What you own in your corporation is the stock. If you’re 100% owner of a corporation, 100% of the stock becomes property of bankruptcy estate.If the corporation is valuable, then the trustee in a bankruptcy could sell the stock, but it doesn’t run your corporation and that’s the important part. Your corporation is run by its managers until otherwise voted for.