[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]

The khando is saved!

Judge, that's not even the right condominium project in the contract so it's a null and void! Ack ack ack

 

[DiabeticSP]

Q: if they foreclose successfully doesnt that mean the value of the house doesn't go towards settling his bankruptcy debt?

Wasn't that the benefit of chapter 7 BEFORE the foreclosure could happen?

 

[James Smith]

Q: if they foreclose successfully doesnt that mean the value of the house doesn't go towards settling his bankruptcy debt?

Wasn't that the benefit of chapter 7 BEFORE the foreclosure could happen?

The benefit of Chapter 7 before the foreclosure could conclude was always that Midfirst Bank wouldn't get a lien on his condo in WA and have the court order him to sell it. It had nothing to do with the foreclosure auction money going to his creditors. Why would he care who gets that money?

 

[DiabeticSP]

The benefit of Chapter 7 before the foreclosure could conclude was always that Midfirst Bank wouldn't get a lien on his condo in WA and have the court order him to sell it. It had nothing to do with the foreclosure auction money going to his creditors. Why would he care who gets that money?

Bankruptcy in chapter 7 doesn't remove the lien, does it?

I thought selling the house through bankruptcy prevented the lien.

 

[James Smith]

Bankruptcy in chapter 7 doesn't remove the lien, does it?

I thought selling the house through bankruptcy prevented the lien.

A bankruptcy stops all collection efforts. He still owes the money to Midfirst Bank and they still have a lien on the CT condo but Midfirst Bank isn't allowed to try getting their owe. They don't have a lien on the WA condo. If the stay wasn't in place they could get a lien on the WA condo too for the amount the CT condo is underwater.

 

[SocietyLiver1488]

Someone pls forward the new docs to Rickieta Law I can't from work

 

[Martys_not_smarty]

View attachment 1191891
The khando is saved!

Judge, that's not even the right condominium project in the contract so it's a null and void! Ack ack ack

Your ahnor not only is it spelled wrong but it's a CORPORATE FICTION, the Deerfield Woods that would show up to court isn't the person but the settler and agent *bottle cruch* DEBUNKED!

 

[gh0stzero]

No more in person court appearance. It looks like other matters will be held via telephone.

looking forward to his bitching about the judge not emailing him and patiently waiting for a reply as he types out his 10 year legacy story.

 

[David Davidson]

A bankruptcy stops all collection efforts. He still owes the money to Midfirst Bank and they still have a lien on the CT condo but Midfirst Bank isn't allowed to try getting their owe. They don't have a lien on the WA condo. If the stay wasn't in place they could get a lien on the WA condo too for the amount the CT condo is underwater.

So if this goes through, MidFirst could put a lien on the WA condo and DSP would have to pay the difference from the foreclosure on top of his WA condo debt correct? Would this mean that that difference would bypass the Chapter 7 and he would still be accountable for it?

 

[Beetus Knuckles]

So if this goes through, MidFirst could put a lien on the WA condo and DSP would have to pay the difference from the foreclosure on top of his WA condo debt correct? Would this mean that that difference would bypass the Chapter 7 and he would still be accountable for it?

Well, if MidFirst did obtain a judgment for the deficiency, it could collect it via garnishment or obtaining a lien on WAKhando. The deficiency would be amended into his chapter 7 because the underlying debt is included in his petition and the foreclosure had started prior to his filing. If MidFirst got DSP converted to Chapter 13, then they might get paid at least a portion via the plan if he couldn’t avoid or strip it. If they got him dismissed, he’d be on the hook for every penny of every debt.

 

[AnOminous]

If the stay wasn't in place they could get a lien on the WA condo too for the amount the CT condo is underwater.

That's why I expect the WAkondo guys to do something too. That's their money. Why would they want the CT guys getting a bite out of it?

 

[wahkando]

Well, if MidFirst did obtain a judgment for the deficiency, it could collect it via garnishment or obtaining a lien on WAKhando. The deficiency would be amended into his chapter 7 because the underlying debt is included in his petition and the foreclosure had started prior to his filing. If MidFirst got DSP concerted to Chapter 13, then they might get paid at least a portion via the plan if he couldn’t avoid or strip it. If they got him dismissed, he’d be on the hook for every penny of every debt. Likely, the bank will

I don't think it's that likely the bank would even move to dismiss the bankuptcy. Chapter 13 is way more likely, no?

 

[eggsandwich]

I would be beside myself if I'm in his situation with these 2 dates hanging over my head. No matter what the outcomes are for 3/26 and 4/10, there are no possible resolution that he wouldn't have to give up something significant. (JFC Phil, delete all your f'king mobile games the moment you file for bankruptcy or ebay them).

Certainly, the last things that would be on mind are gloating how good I'm at video games, worrying about restaurant being closed or buying toilet paper at 8am...... I don't know, maybe he won a multi million $ lottery already and he's just putting on a show for laughs.

 

[Lilly Philly Burnelli]

I don't know, maybe he won a multi million $ lottery already and he's just putting on a show for laughs.

Could'nt be. He'd be making this face 24/7

 

[King Daddy Telomerase]

(JFC Phil, delete all your f'king mobile games the moment you file for bankruptcy or ebay them).

I'm imagining Dave Ramsey advice for Phil... it would be to cut every credit card to pieces and smash your phone.

 

[actually]

That's why I expect the WAkondo guys to do something too. That's their money. Why would they want the CT guys getting a bite out of it?

What are WAkhando's mortgage holder's options? Or, rather, what would they prefer to have happen to maximize their money? My assumption is they would want the bankruptcy dismissed so they could get the house sold and at least cover what's left on the mortgage, but would they be first in line in that case? If DSP gets converted to Chapter 13, he would stay in the WAKhando for now, but if he failed to meet the payments, then it's basically back to a full dismissal again, yeah?

 

[Beetus Knuckles]

This is why Dave needs a real attorney and not a BK mill. There are situations similar to his—usually a mom and pop landlord with a rental property or two bought on loans and something happens. Of course there’s also usually a LLC involved and the non-primary residences are legitimate business properties. Phil’s just a dumb ass who is addicted to instant gratification. There’s only two ways this plays out ok for Dave: in the post corona-Chan chaos, he gets his chapter 7 rubber stamped or Midfirst sells the Conndo and miraculously doesn’t pursue the deficiency (slightly more likely but only if his pigroach luck pulls through). I’d say the odds are very good Midfirst proceeds with the foreclosure by lifting the stay.

Edit: Dave could potentially strip or avoid a lien against WAKhando in a Chapter 13 too, but his WAK equity is an issue Honestly, Dave should’ve cashed out, paid everyone, and started over. When you step back and look at his entire financial situation, he’s not insolvent, just mind-boggingly fuckin’ stupid.

 

[der rademacher]

Face thy doom Dave.

Good day Sir. Mr. Burnell I persume? How nice, I am Mr. Olsen of McCarthy and Holthus, but you may call me Lance. May I call you Philip? How lovely. Now Philip, I researched a little bit and thus I am aware that you consider "suits" like me to be only "booksmart" and disconnected from reality. Let me ensure you Philip, nothing could be further from the truth. In fact, I am also kinda street smart and I will indeed fuck you up (and very hard I might add). So Philip, if you would be so kind to lower your trousers now and bend over so we can begin the process? Excuse me Philip? No. No, I don't think I am going to "tip you" afterwards. In fact, I am not even going to lube you beforehand. So, try to relax please, this may hurt a bit now...

 

[AnOminous]

What are WAkhando's mortgage holder's options? Or, rather, what would they prefer to have happen to maximize their money? My assumption is they would want the bankruptcy dismissed so they could get the house sold and at least cover what's left on the mortgage, but would they be first in line in that case? If DSP gets converted to Chapter 13, he would stay in the WAKhando for now, but if he failed to meet the payments, then it's basically back to a full dismissal again, yeah?

They'd rather have the stay lifted just for them while they sell his property before it loses any more of its value. I'm not sure if they have a deficiency judgment opportunity. There would be nothing to secure it and they'd be in the same boat as everyone else at that point. They don't want him holding onto the property long enough it loses its value enough to be within the exemption value unless they can still squeeze money out of him.

I really don't know because the answer depends on math they have to do with numbers they have and they're being paid to do that. I just hope it's uncomfortable for the pigroach. I assume they'll do whatever is in their best interest. That could involve just trying to sell the property immediately if they can.

 

[BT9494]

Someone needs to create a "LanceOlsen6969" twitch account and see if they can get banned from his chat without saying anything.