Bancruptcy in Business question

Are personal assets such as your residence at stake if your business fails? I know that recent changes to the law have made it more difficult to file for personal bancruptcy, but I'm unfamiliar with bancruptcy in the way of business. More specifically, I'm refering to a small company of around ten employees, under a structure of a coorporation. What are the personal liabilities in the case of a business failure?

So long as the corporate "veil" cannot be pierced, and so long as your corporation was set up properly, generally speaking, the personal assets cannot be taken.

There are exceptions, of course. If you used the house as collateral to get a business loan, and you're defaulting on that loan, they can put a lien on your house (or take it altogether!).

If you are contemplating bankruptcy, it's always wise to consult an attorney.