Chapter 7 is theoretically a liquidation, but as a practical matter, most cases do not involve liquidation. Rather, they are administered as "no asset". So, the trustee merely reviews the petition and supporting docs and recommends discharge.
Your interest in a business is an asset, but it depends on the asset's value. Many times, clients have relatively small businesses with few assets and the resulting value of the business after any business debt, is little or nothing. In that event, the trustee will abandon the asset and administer the case as no asset.
Feel free to call or e-mail me on a free initial basis to discuss this further.
Answered on Jan 31st, 2013 at 12:44 PM