Quote:
Originally Posted by dmhenderson
Well, if he owns property (and he does) and he's found PERSONALLY liable for the debt - as in "not part of the bankruptcy filing", you can put a lien on his house, vehicles etc. Garnish future wages and so on.
Once you get a judgment against him, it doesn't just magically go away. If he tries to found a new business and start over again, you can wait and go back after him for the amount of the original judgment plus interest  |
True, but now we're going to have to look at how the business is organized, etc. Bottom line is it's a complete shitshow, and guys who are owed smaller amounts of money may end up taking it in the shorts. Plus, I'll bet a six-pack that his medical bills demolished his personal assets and he's underwater there too.