[16-Jan-2020] DarksydePhil is filing for bankruptcy (general thread) - and has officially done so on January 31 2020, meaning a lot of his finances have become public

[PutridElephant]

Looking at the schedule, lunch break probably starts at 1pm and gov't employees aren't working a second over that. Phil probably won't be waiting that long, I'd assume an hour at most.

If he's after the break, how late will he be coming back to the hearing?


EDIT... I just looked at the schedule, so does it mean there are 12 people they need to get through in a 30 minute slot?

 

[tzgnilki]

Looking at the schedule, lunch break probably starts at 1pm and gov't employees aren't working a second over that. Phil probably won't be waiting that long, I'd assume an hour at most.

i'm just glad he has to wake up before midday to go somewhere he doesn't want to be

 

[King Daddy Telomerase]

i'm just glad he has to wake up before midday to go somewhere he doesn't want to be

Phil will have to leave by 9am at the latest to ensure he's on time. He's going to have to get up really early, I predict a really grouchy stream Wednesday night.

 

[Freshtodeath]

If the bankruptcy gets dismissed will Midfirst bank become more aggressive?

 

[Mr. Brown]

I'm sorry for asking but 163 pages in I'm finding it hard to keep up...

If the case is dismissed on thursday does Phil then have to go for Chapter 13?

 

[tzgnilki]

If the bankruptcy gets dismissed will Midfirst bank become more aggressive?

they will start the process if the bankruptcy is dismissed

 

[King Daddy Telomerase]

I'm sorry for asking but 163 pages in I'm finding it hard to keep up...

If the case is dismissed on thursday does Phil then have to go for Chapter 13?

It depends on the reason for dismissal.

If it's because of fraud or some negligence, Phil may never be allowed to apply again, or have to wait a significant amount of time.

If it's because the trustee deems he doesn't meet some limit, he has to refile a Chapter 13. However, this stops his automatic stay until he's refiled again and thus MidFirst Bank/creditors can go after him again. And his credit is fucked, no matter what.

 

[UncleTusky]

If the bankruptcy gets dismissed will Midfirst bank become more aggressive?

they will start the process if the bankruptcy is dismissed

While the bankruptcy is ongoing, the foreclosure is stayed unless they ask for special permission (which is very rarely requested or approved). I don't think they can even file documents for after the bankruptcy is concluded. But once the bankruptcy concludes, the foreclosure trial is on like it was before the bankruptcy. I'm not sure how much it matters whether the bankruptcy is approved, converted to chapter 13, or even rejected since both CT and WA forbid discharging an underwater mortgage in bankruptcy. So yes, they will be out for blood and there's nothing Phil can do about it.

@SoapQueen1 and @AnOminous is there any outcome of the bankruptcy trial that results in Midfirst filing a lien against the WAKhando?

 

[Nurse Ratchet]

So yes, they will be out for blood and there's nothing Phil can do about it.

How poetic this sentence felt to read just now.

 

[AnOminous]

While the bankruptcy is ongoing, the foreclosure is stayed unless they ask for special permission (which is very rarely requested or approved). I don't think they can even file documents for after the bankruptcy is concluded.

This isn't true. They generally allow claims by secured creditors foreclosing on the party to go forward. And the pigroach's lawyer has already said she isn't going to lift a finger about it if they do, presumably unless he pays more money.

@SoapQueen1 and @AnOminous is there any outcome of the bankruptcy trial that results in Midfirst filing a lien against the WAKhando?

If the bankruptcy is dismissed and the Connecticut mortgage holder has a deficiency judgment, they'll file it as a lien against the WAkondo.

 

[ProvenWrong]

Judge: So, even though you are 500k+ in debt, how do you get money to continuously buy electronic video games?
Phil: I have the Beggars Nose!

 

[Iron Hamster]

If the bankruptcy gets dismissed will Midfirst bank become more aggressive?

I fully expect everyone to go C. Montgomery Burns and release the hounds on his ass.

 

[Dolphins Rise Up]

Imagine if his lawyer advises him to go to court looking poor for pity points. Just jeans and his grey T-shirt.

It's a win-win on Thursday assuming we get *some* picture. Either gamer Phil, or Phil in a suit, shaved and as shiny as he (his wife) could make himself look, or some odd mix.

 

[JamFlowMan]

EDIT... I just looked at the schedule, so does it mean there are 12 people they need to get through in a 30 minute slot?

While there are more educated people here then me from the little I looked up about these meetings they tend to be pretty short which is why they schedule them back to back like this. The person sits down, answers a few questions, if a creditor is present they get to say something, and that's about it. I know this is terribly vague and someone like @AnOminous can go into detail and correct if needed.

Been doing some browsing around the detractor sphere and some people have high expectations for this meeting, up to and including Phil being imprisoned. Personally taking a wait and see approach. Phil is definitely not the first person to try to lie his way through a bankruptcy, but he also wouldn't be the first to get away with it.

 

[Richard Harrow]

He'll request Papavera to represent him at the last minute and provide a complete walkthrough of the bankruptcy process. When everything falls through, he can blame Papavera for it and demand that he explains himself by cheering bits.

 

[AnOminous]

While there are more educated people here then me from the little I looked up about these meetings they tend to be pretty short which is why they schedule them back to back like this. The person sits down, answers a few questions, if a creditor is present they get to say something, and that's about it. I know this is terribly vague and someone like @AnOminous can go into detail and correct if needed.

Been doing some browsing around the detractor sphere and some people have high expectations for this meeting, up to and including Phil being imprisoned. Personally taking a wait and see approach. Phil is definitely not the first person to try to lie his way through a bankruptcy, but he also wouldn't be the first to get away with it.

The most likely thing to happen is nothing. The only interesting thing that might happen is one or more creditors showing up, indicating a more active interest than usual. Still, I wouldn't read anything into nobody at all but the trustee showing up. DSP is so obviously full of shit there's not really a huge advantage to be gained by giving him an opportunity to fix his bullshit before filing some kind of challenge, motion, or full adversary proceeding.

They can see the same shit we see and more and know the pigroach isn't covered for adversary proceedings or motions to lift the stay or, more or less, anything they can do to try to squeeze more money out of him.

 

[actually]

DSP is so obviously full of shit there's not really a huge advantage to be gained by giving him an opportunity to fix his bullshit before filing some kind of challenge, motion, or full adversary proceeding.

They can see the same shit we see and more and know the pigroach isn't covered for adversary proceedings or motions to lift the stay or, more or less, anything they can do to try to squeeze more money out of him.

So we should expect to see filings challenging his shit come in after the creditor meeting, correct? Assuming they're going to as expected.

 

[King Daddy Telomerase]

From what I see watching too many bankruptcy lawyer Youtube videos, creditors showing up for 341s never happen unless there's serious fraud or a personal problem, which probably doesn't apply to Phil.

The real showtime will be the 2 months after this hearing, which creditors can do objections which Phil needs another lawyer to fight. This is when I predict the trustee will dismiss this.

 

[tzgnilki]

From what I see watching too many bankruptcy lawyer Youtube videos, creditors showing up for 341s never happen unless there's serious fraud or a personal problem, which probably doesn't apply to Phil.

The real showtime will be the 2 months after this hearing, which creditors can do objections which Phil needs another lawyer to fight. This is when I predict the trustee will dismiss this.

I think the general consensus is, no matter what happens on Thursday, good or bad, it definitely is only the beginning

 

[ProvenWrong]

Quick question: For those more experienced in this subject. Does the amount Phil owes makes things move much faster than other cases? Like I understand 50,000 being a kinda slow with the creditors, but 500,000 dollars in debt theyd on him like flys on shit to get their money.