[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

[Beetus Knuckles]

Phil is a bank’s wet dream because of his stupidity. Holy crap! Some lenders allow BK filers to do what’s called a ride through, where you don’t reaffirm, but keep the car as long as you pay. If you don’t pay, they repo your car, but it doesn’t hurt your credit and they can’t pursue a deficiency (because the responsibility is discharged). Phil should surrender his car and get a cheaper car, then refinance at a lower rate in a couple years. Of course his Chap. 7 might not fly, so he’d be stuck with it any how.

 

[Dizzyuntildeath]

Sorry for what may be a dumb question, but who is this Craig Edelman on his new paperwork?

 

[Radical Goodspeed]

Phil is a bank’s wet dream because of his stupidity. Holy crap! Some lenders allow BK filers to do what’s called a ride through, where you don’t reaffirm, but keep the car as long as you pay. If you don’t pay, they repo your car, but it doesn’t hurt your credit and they can’t pursue a deficiency (because the responsibility is discharged). Phil should surrender his car and get a cheaper car, then refinance at a lower rate in a couple years. Of course his Chap. 7 might not fly, so he’d be stuck with it any how.

That's so reasonable I'm beginning to wonder if Phil won't accept anything short of unconditional surrender for his bankruptcy.

It as though every out is a lesser prize before the Mystery Box, and he is sure that mystery box is a boat.

 

[tzgnilki]

Sorry for what may be a dumb question, but who is this Craig Edelman on his new paperwork?

someone representing the creditor, he's from national bankruptcy services

they call themselves a "bankruptcy servicer", but idk if that means they are lawyers?

nbs website

 

[James Smith]

I wonder if this contractual obligation/clause overwrites the stay and bankruptcy protection?

Never. It's just included in his the list of his debt when he files for bankruptcy. The language can be boiled down to "Reaffirm or we repossess - we will not negotiate." His form originally said he wanted to negotiate new terms. Clearly the lender said "Nope, you knew we wouldn't when you took out the loan"

 

[AnOminous]

I wonder if this contractual obligation/clause overwrites the stay and bankruptcy protection?

No, but like other lenders, they can file to lift the stay and it will probably be granted. Phil may be underwater on the car, too, so it's not like any of the other creditors has any claim on the car, so they can just go repo it if the stay is lifted.

 

[Prince Lotor]

yeah it's in the contract, bankruptcy triggered it

also paying lawyers fees and collections probably scared the piggy

View attachment 1201682

edit:

I wonder if this contractual obligation/clause overwrites the stay and bankruptcy protection?

trying to think about how the fuck they were able to begin collections if there was a stay

maybe they sent a "this is not a collections request but do you remember this clause in your contract have a nice day"

When Phil got this car he got a 72 month 0% APR contract, could this bankruptcy clause triggering now mean he owes the 6% back-interest on his car loan? Like he signed on for 72 months at 0% but if he fails to pay off his car loan in that time period he will owe a 6% interest rate from the whole loan, so if that's triggering now after 3 years would he owe like half of 6% interest on a car loan for $30K? Did the bankruptcy lose him the 0% interest rate on his car loan going forwards as well?

 

[tzgnilki]

When Phil got this car he got a 72 month 0% APR contract, could this bankruptcy clause triggering now mean he owes the 6% back-interest on his car loan? Like he signed on for 72 months at 0% but if he fails to pay off his car loan in that time period he will owe a 6% interest rate from the whole loan, so if that's triggering now after 3 years would he owe like half of 6% interest on a car loan for $30K? Did the bankruptcy lose him the 0% interest rate on his car loan going forwards as well?

emergency tips goal incoming, brace yourselves

 

[Dizzyuntildeath]

So what is all this new stuff about? Are people enacting clauses and putting the pig in the fire?

 

[actually]

So what is all this new stuff about? Are people enacting clauses and putting the pig in the fire?

It's weird. It's almost like if you go to a court and say "I can't pay my debts" that creditors, even if you're currently paying them, start getting a little squirrelly.

 

[Dizzyuntildeath]

It's weird. It's almost like if you go to a court and say "I can't pay my debts" that creditors, even if you're currently paying them, start getting a little squirrelly.

They can and they should. Businesses are in... Business. Some fat fuck blew a bunch of their money and is trying to cut bait.
I wonder if they're going to play softball on Thursday, of they're going to try to bean him hit in his fucking head.

 

[actually]

They can and they should. Businesses are in... Business. Some fat fuck blew a bunch of their money and is trying to cut bait.
I wonder if they're going to play softball on Thursday, of they're going to try to bean him hit in his fucking head.

Well, if the guy representing MidFirst is there, I'd expect a harder grilling. The wildcard is the trustee--will she come at him on Thursday, or will she do more digging, or will she not do anything at all? Only time will tell.

 

[Dizzyuntildeath]

Well, if the guy representing MidFirst is there, I'd expect a harder grilling. The wildcard is the trustee--will she come at him on Thursday, or will she do more digging, or will she not do anything at all? Only time will tell.

This is the part of the show where the camera zooms in on his face after a big shock reveal, suspenseful music, fade to black.
Continued next season.

 

[Richard Harrow]

We're almost there folks!

 

[kiwirevolving]

Where he said that if you receive money for Christmas or your birthday or whatever, you should absolutely NOT spend it on anything responsible like bills, you should buy something frivolous to treat yourself.

I'm too fucking scared to think how much is he gonna spend on WWE Champions then on his bday this year if he 100% does this himself.

Edit (I do these a lot today for some reason, sorry about that): Did he actually use those $4000 he got from his parents when he got married to pay his taxes?

My memory is fuzzy, but from what I remember, he didn't pay any taxes at all (again) last year. Beacause, then, what the hell did he spend those money on?

 

[tzgnilki]

I'm too fucking scared to think how much is he gonna spend on WWE Champions then on his bday this year if he 100% does this himself.

Edit (I do these a lot today for some reason, sorry about that): Did he actually use those $4000 he got from his parents when he got married to pay his taxes?

My memory is fuzzy, but from what I remember, he didn't pay any taxes at all (again) last year. Beacause, then, what the hell did he spend those money on?

I only know he went on a payment plan for his taxes, which he still owes $15,000 on as of Jan 31st 2020, and he's paying $500 a month

Maybe can be worked out using actually's numbers to guess if he's $4,000 ahead of what he would be if he was paying $500 a month since the payment plan started

 

[Prince Lotor]

Well, if the guy representing MidFirst is there, I'd expect a harder grilling. The wildcard is the trustee--will she come at him on Thursday, or will she do more digging, or will she not do anything at all? Only time will tell.

Maybe this is a way Corona-chan could actually work against Phil. Trustee's also get paid a portion of whatever assets they are able to distribute to creditors. Now consider a general downturn in the economy and a delay in caseloads and, for example, if the trustee can find $5K worth of assets in Phil's bankruptcy estate to distribute they will personally receive $1,250 of that, if they find $50K worth of assets to distribute that is a $5,750 payday for them. Maybe Phil's case didn't get delayed because the trustee sees an opportunity to get a chunk of money to buy blackmarket toilet-paper with.

 

[Mtumwa wa Wayahudi]

I only know he went on a payment plan for his taxes, which he still owes $15,000 on as of Jan 31st 2020, and he's paying $500 a month

Maybe can be worked out using actually's numbers to guess if he's $4,000 ahead of what he would be if he was paying $500 a month since the payment plan started

Can Phil possibly dig himself out of this mess with his current earnings and lifestyle? I'm not American so I don't know how bankruptcy works there

 

[Wing Zero]

Can Phil possibly dig himself out of this mess with his current earnings and lifestyle? I'm not American so I don't know how bankruptcy works there

With his current earnings? Absolutely. With his lifestyle? Not a fucking prayer.

 

[Plastic Love]

I swear I am getting blue balled at this point, I just want to see the pig roast. Hopefully corona-chan doesn't make us wait much longer.