In the case of a partnership, however, the individual partners will have liability for the partnership's debts. It is not uncommon for a creditor to ask business owners to personally obligate themselves for their business's debts. For example, a bank may ask a business owner to co-sign a note individually. This makes both the corporation and the individual liable for the debt. Even if the corporation disappears, the business owner will remain liable for the debt.
Partners are normally always liable for the business's debts.
Although most debts can be discharged in a bankruptcy, certain debts are not dischargeable. Other debts that are normally dischargeable may be denied a discharge, generally because of the actions of the debtor. Debts that have been incurred by the use of false financial statements or by the use of other false pretenses. In other words, debts that the debtor failed to schedule as required at the start of the bankruptcy case. Debts that arise from fraud or embezzlement, or from the misuse of funds when the debtor was acting as a fiduciary.