No, the owners assets WOULD still be subject to seizure from creditors for all debts that were PERSONALLY guaranteed. The only way to protect personal assets would be for the owners themselves to file personal BK.
Yes you can protect it under chapter 7 bankruptcy
Yes, bankruptcy protect you from foreclosure by your mortgage company. You can read more at www.hirby.com/mortgage-lender-filing-for-bankruptcy
In order to form a corporation you need to fiile to be a corporation. This will protect you as an indvidual.
You should consult a lawyer first. One of the benefits of setting up a corporation is expressly that: it allows you (in theory) to separate your personal and business finances. However, this may not always protect you if your business goes bankrupt; in some cases creditors are allowed to reach your personal finances anyway. Setting up a corporation when the business is already at the point of bankruptcy may be viewed as an attempt at fraud... which is why you should talk to a lawyer first; any inclination the court may have had to treat you leniently is going to be wiped out by any hint of fraudulent intent.
They are protected.
"An LLC Corporation is often used by small business owners to protect them from monetary liability. When you set up an LLC Corp. your personal property, i.e., house, car and other personal assets are off limits from being included in a lawsuit against your business."
The Commodity Credit Corporation is a wholly owned government corporation created in 1933 to "stabilize, support, and protect farm income and price". The CCC, which has no staff, is essentially a financing institution for USDA's farm price and income support commodity programs, commodity export credit guarantees, and agricultural export subsides.
Can you protect your assets from bankruptcy by placing them in an irrevocable trust?
No, you can't get fired for filing for bankruptcy because as what federal law prohibits an employer to discriminate against you for declaring personal bankruptcy. In fact, you will probably be happy and relieved to know that your constitutional rights protect you from being fired for filing bankruptcy. Yes, it is a violation of your rights, not to mention a crime to fire someone for filing bankruptcy. So, don't worry your job is safe.