Yes. You must list the professional association that you own as an asset of your bankruptcy estate, just as you would a corporation, an LLC, or any other business entity that you own. If you fail to list your P.A., or try to claim the equipment as your tools of trade when they are really assets of the P.A., your chapter 7 trustee may object. See In re Moran, Bankr. SD Texas 2013.

And yes, you are in danger of losing the P.A., at least if has substantial equity and you are filing chapter 7 bankruptcy. You should consult with an experienced bankruptcy attorney for help.

If your P.A. has significant equity (value over liens), and if you decide to file bankruptcy at all after being properly advised, it may be best to file a chapter 11 or chapter 13 bankruptcy, so that you stay in control of your professional association (at least if you want to retain it).

J Thomas Black
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Board Certified, Consumer Bankruptcy Law- Texas Board of Legal Specialization