Thanks for your question.
While most debts are dischargeable in bankruptcy, not all debts are. Student loans, child support, and some debts where the debtor (person declaring bankruptcy) acted in bad faith are non-dischargeable in Chapter 7 bankruptcies.
If this associate were to declare bankruptcy, you would have a strong argument that he acted in bad faith, meaning that he engaged in a fraudulent manner. The bankruptcy court could refuse to grant him a discharge -- without a discharge, his creditors (including you) can continue to collect against the amounts he owes you.
Additionally, if he tries to transfer assets to his wife/relatives within 2 years of declaring bankruptcy, then the bankruptcy trustee can sue his to recover these transfers. Any proceeds recovered from the trustee's lawsuits would go to fulfill the debts owed to unsecured creditors.
In bankruptcy, a debtor's IRA/401k is generally exempt from collection actions. However, if the associate transferred funds into a retirement account just prior to filing for bankruptcy, then the bankruptcy trustee may be about to re-collect that money.
Outside of bankruptcy, you can place a lien on any property he owns, garnish his bank accounts, or his wages from an employer. These are the three main ways to collect on a court judgment.
In short, outside of bankruptcy, there are several ways to collect on a judgment. However, if the associate declares bankruptcy, he won't get very far because you have a strong bad faith argument. Nevertheless, dealing with the bankruptcy could may prove time-consuming and expensive for you. If you can settle this issue with the associate soon, it might be your best course of action.