A partnership estate may be assigned without including the individual property of the persons composing the partnership, or one or more of the partners may include his or their individual estate in the assignment. In that case separate inventories of the property and creditors of the estate shall be made and filed as provided in this chapter. The failure of the assignment as to one estate does not affect it as to any other. The partnership estate shall first be applied to the payment of partnership debts, and individual estates shall first be applied to the payment of individual debts and the balance, if any, in the latter case shall be applied to the payment of debts of the former description, while the balance, if any, in former case belonging to an individual partner shall be applied to the payment of his individual debts.