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He looses the 20k in assets. Company can place liens or garnishments on wages and so forth. Judgement will be entered into record that will remain for many fucking years. After they take what they can and fuck you as they will, they ussually will end up selling off the judgement to collections and there it will remain for 5+ years depending on the state. If they are able to get any money during the collection period the time starts all over.
Bankruptcy reform has also changed a great deal, so it is not as easy to erase and forget.
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