When you say that you have a partnership, is this a separate legal entity (LLP, LP, LLC), or just a handshake. And, if a handshake, how do you and Richard file your tax returns for this partnership?
Your issue may be significantly more complicated than you think. Partners are jointly liable for partnership debts -- so, if you have a handshake partnership, and Richard files for Chapter 7, then you may be on the hook for Richard's debts incurred in connection with your partnership.
Probably not what you wanted to read, but I'm not gonna sugar coat things.
Hope this helps.
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