[26-Mar-2020] Philip's 341 Creditor Meeting - When what should be 5 minutes becomes an eternity.

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Beetus Knuckles said:
He didn’t get an automatic determination of being a no asset case. That means that the trustee is looking more closely at his situation to find non-exempt assets. If we see a 2004 exam come up, he is boned. He’s gonna be ginning it up tonight.
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What's the timeline for the 2004 exam? Trustee has 10 days, right?
 
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The trustee of this estate reports that the meeting of creditors was concluded and the trustee is investigating the existence and location of property of the estate not subject to exemptions or security interests. Debtor appeared. (James, Nancy) (Entered: 03/31/2020)
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Uh oh.

Beetus Knuckles said:
If we see a 2004 exam come up, he is boned. He’s gonna be ginning it up tonight.
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I think we're likely to see that. Or just a motion to dismiss. She might view Phil's testimony itself as worthless at this point and just be about to file subpoenas against everyone who'd have the actual facts. I hope he gets actually personally grilled though because it would be funnier even if it is useless to expect facts from a pigroach.

Also from the Western District of Washington Local Rules.

(7) Conclusion of Meeting. For purposes of the timing of objections to exemptions under Fed.R.Bankr.P. 4003(b), the United States trustee’s statement of presumed abuse under § 707(b)(1) and motion to dismiss under § 707(b)(2) and § 704(b)(1), the conclusion of the § 341 meeting shall be indicated by the trustee’s entry on the docket that (A) there are no assets available for distribution and that the case is fully administered, or (B) the meeting of creditors was concluded and the trustee is investigating the existence of assets.
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There are apparently two conclusions for a 341 meeting and one of them would be good for Phil. The other one, which he got, isn't.
 
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so assuming Phil's application for bankruptcy fails and he does his dough, what happens next? If someone who owes you a significant debt applies for bankruptcy, creating a stay on your debt collection, and then fails in the application, you go hard on debt collection at that point don't you?

Phil's going to then need to pay lawyers to defend/delay debt collection proceedings if he wants to stay in his Khando a bit longer. Or he could just pay his debts like a mature adult.
 
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behind_the_scenes_begging said:
so assuming Phil's application for bankruptcy fails and he does his dough, what happens next? If someone who owes you a significant debt applies for bankruptcy, creating a stay on your debt collection, and then fails in the application, you go hard on debt collection at that point don't you?

Phil's going to then need to pay lawyers to defend/delay debt collection proceedings if he wants to stay in his Khando a bit longer. Or he could just pay his debts like a mature adult.
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Well all that would happen is that he would have to keep paying his bills, but now with increased added interest.

He is resigned to losing the CT condo, the only question is whether or not he's going to be forced to pay the remaining 50k, if they sell it for the pre-Covid19 valuation (and the added interest) or not, which might impact his ability to retain the WA property.

If he just stops playing WWE games he can pay for all of this. That is not the problem. The issue is he wants to get rid of all his excess debt, have more money to spare, without making any sacrifices.

Should have sold the WA condo the day he broke up with PandaLee. Then he could have been debt free, or close enough, atm.
 
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OK Theo theory time;

So first off a sweet audit or dismissal is what I had on the deadpool :p fuck yeah

Secondly, so my theory is Nancy was passed the paypal transcripts and became pissed. Put 2 and 2 together and thinks he has not been taxxing his tips correctly (after that call I honestly think this is the case.) Nancy wants her money. Phil is gonna be audited and the bankruptcy dismissed out of spite because the trustee can do that. This is in line with Nancy believes he will not be able to pay chapter 13, we all know this.

This season got spicy as fuck Nancy is practically fucking Dio Brando at this point.
 
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Edit: This assumes a Chapter 7 BK. The 10-day rule is for the trustee to determine there are no assets. Creditors have 60 days to file an objection to discharge. The trustee or a creditor can file a motion for a 2004 exam. If our debt buyer was legit involved, he could get Phil in a 2004 exam and ask for specific information about his expenses. IMO, Nancy thinks he’s hiding cash. If I was in her shoes, I’d wonder why Dave is making 100K+ and seemingly has few tangible assets apart from his homes. No retirement accounts, no investments. Honestly, it might be better for DSP to come clean about gacha rather than appear to be hiding assets. Of course, she could be ready to request an appraisal on WAKhando too.
 
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HeProteck said:
I've replaced DSP answers by audio from his daily livestreams, it gets quite serious at some point, I think it was worth it.
www.youtube.com

Alternative version of DSP 341 meeting (answers from his livestream)

I've replaced DSP answers by audio from his daily livestreams. Go here for the real recording: https://www.youtube.com/watch?v=mlLD1psuycM Big ups to pigpigg...
www.youtube.com www.youtube.com
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lol. This is a home run. Well done!

Beetus Knuckles said:
Edit: This assumes a Chapter 7 BK. The 10-day rule is for the trustee to determine there are no assets. Creditors have 60 days to file an objection to discharge. The trustee or a creditor can file a motion for a 2004 exam. If our debt buyer was legit involved, he could get Phil in a 2004 exam and ask for specific information about his expenses. IMO, Nancy thinks he’s hiding cash. If I was in her shoes, I’d wonder why Dave is making 100K+ and seemingly has few tangible assets apart from his homes. No retirement accounts, no investments. Honestly, it might be better for DSP to come clean about gacha rather than appear to be hiding assets. Of course, she could be ready to request an appraisal on WAKhando too.
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I would think an appraisal is SOP whether Phail wants it or not.
 
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