If a bankruptcy is not discharged what happens?
I am thinking of having a business with someone who filed for bankruptcy over 10 years ago but he never followed through with the discharge. If he is a signatory on the business bank account, can this be seized by his creditors? Does his bankruptcy still exist and would it impact our business? Thanks for your assistance and guidance on this website.
A person who files bankruptcy and never gets a discharge is an undischarged bankrupt and cannot be an officer of a corporation and cannot borrow more than $1,000 without telling the lender he is an undischarged bankrupt.
Also, all his debts, for which he filed bankruptcy, survive and his creditors can pursue him as though he had never filed bankruptcy.