If memory serves, Quasi can collect at any point; he's just waiting for the amount to reach $40k or so.
First thing to know about bankruptcy: it is not a "Get out of jail free" card for the debtor. The debts will be paid in one way or another. Patrick doesn't know this, and he wouldn't care either way.
There are two kinds of personal bankruptcy here in Burgerland: Chapter 7 and Chapter 13 (named after specific parts of the US bankruptcy code.) Chapter 13 is where you admit to being unable to pay off the debt right away, but agree to pay it off over a period of 3-5 years. Since he'll probably see this as giving his atalkters the win, Patrick will likely go for Chapter 7: his debts will be paid by selling some of his assets.
Here's Chapter 7 bankruptcy won't allow Quasi to take:
- Pat's house
- One of Pat's cars
- Pat's clothes
- Whatever Pat needs for his line of work. This one will be interesting, as Pat claims to be a writer, but supposedly sells insurance on the side. It'll be illuminating to see which one sustains his income.
- Pat's food. Yes, this includes his pepperoni stash.
Beyond that, everything else is fair game. This includes money in his bank account, personal effects, collected toys, any extra cars or motorcycles, books, furniture, and so on. As long as the amount does not exceed whatever Quasi chooses to collect on (e.g. $40,000), Quasi can take it. This doesn't mean the fart couch will rest in Quasi's attic; the couch, and all other assets, will be liquidated to pay Patrick's debt. (My opinion: this is where the Pests should stay out; if they get into a bidding war for Patrick's stuff, they could artificially drive up the value of his crap, meaning Quasi can't liquidate more than we'd like him to.)
Since Patrick is too stupid to figure out how to vanish, and too addicted to give up social media, he'll be forced to pay. When that day comes, Dan can make himself useful and upload videos of Quasi's debt collectors taking what is owed.
Tick tock, Patrick.
(Legal Kiwis can feel free to correct me if I got anything wrong)