The combination briefcase and computer bag assembly includes a housing member having a bottom member, a plurality of side members, and a pair of pivotable top flap members. One of the side members includes a flexible floating compartment that is dimensionally configured to receive a portable computer. When the portable computer is held in the flexible floating compartment, it will substantially extend in the briefcase enclosure to protect the portable computer. Straps on the top flaps enable a top flap to be held in an open position when fastened about an extendable handle.