Legal Question in Bankruptcy in Texas

Bankruptcy takes a snapshot of assets and liabilities when a debtor files. All of your non-exempt property becomes property of the bankruptcy estate which is administered by the trustee and is sold off to pay your debts, which are discharged in bankruptcy.

If you own shares of a corporation, your shares are assets and the above rule applies. If the corporation is a business and does not file bankruptcy, it can continue operating as it is not a debtor.

If the corporation is dissolved, all the assets (and liabilities) of the company are transferred to you and the above rule applies.

I have seen sole proprietors continue operating their businesses where the business had no assets, say where all of the equipment was leased.

You really need to consult a bankruptcy attorney before you dissolve your company to make sure you are making the best move.