[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

[DiabeticSP]

Can they take the WAkondo in a chapter 7?

 

[actually]

Can they take the WAkondo in a chapter 7?

In theory, they could, if the appraised value is $125,000 more than what he owes on the mortgage. All of the realtor websites list it well above that threshold (something like $350k or $360k--I'm not looking at the mortgage value right now). If it happened, Phil would get the $125k that's exempt, the WA condo mortgage holder would get their money, and the rest of the creditors would get a shot at the money in order of secured vs unsecured debt with priority unsecured debt getting first dibs of the 2nd group.

The question is whether or not the trustee has the condo appraised or not, and if she does, whether she decides that it goes on the chopping block.

Edit: Just to add, this is why Phil's case is so weird. Most Chapter 7's are filed because the person filing doesn't have a lot of assets or money to pay their debts with. Phil, on the other hand, has a six figure income, business expenses that ought to be in the hundreds of dollars a month, but also no major assets aside from his WA condo and his electronics. But even the electronics are in the few thousand dollar range, which is mind boggling when you consider that they're what he uses to make all his money. The fact that none of his income over the last several years has fed back into what he does is nuts...but also reality.

 

[My Knee is Growing]

Let's be clear. Tevin, a young black dude, was accused by an older white lady of trying to poison her because she thought her soda tasted like bleach, and he was one of the cleaning staff.

And then LSU's Barney Fife tried to get him to confess to putting bleach in there.

What the hell? Why had I never heard of this before. Is there anymore to this lore, or perhaps Tevin stuff in general?

 

[DarkSoulsPhil]

In theory, they could, if the appraised value is $125,000 more than what he owes on the mortgage. All of the realtor websites list it well above that threshold (something like $350k or $360k--I'm not looking at the mortgage value right now). If it happened, Phil would get the $125k that's exempt, the WA condo mortgage holder would get their money, and the rest of the creditors would get a shot at the money in order of secured vs unsecured debt with priority unsecured debt getting first dibs of the 2nd group.

The question is whether or not the trustee has the condo appraised or not, and if she does, whether she decides that it goes on the chopping block.

Another way Phil shot himself in the foot.

If he sold both properties last year when he came to the realisation of bankruptcy, he would be in the black.

With Wu-Flu hitting, WA in particular, prices of both properties will drop and he could very well leave without both properties and in the red.

 

[actually]

What the hell? Why had I never heard of this before. Is there anymore to this lore, or perhaps Tevin stuff in general?

He posted a video at some point talking about it. I just tried some searches and can't find it.

 

[big_igloo_1776]

Remember from several of the YouTube videos posted far earlier in this topic that the Trustee gets a percentage cut of any assets liquidated to pay creditors. Whereas in a 'no asset' case the Trustee may only be paid $50, an asset case can net them thousands to tens of thousands of dollars.
When his Trustee changed his case from a 'no asset' case to 'asset' case she basically announced: SWIGGITY SWOOTY, I'M COMIN FOR THAT BOOTY.

edit: Most lawyers will tell you to avoid Chapter 7 at all costs if you are going to be an asset case and advise you to file Chapter 13 instead. The reason why is because if you do file Chapter 7 and become an asset case you are basically tying yourself naked to a post in tiger enclosure slathered in BBQ sauce. The trustee will look at you and picture her new Benz convertible rolling off the lot.

 

[Providence Backing_21]

What the hell? Why had I never heard of this before. Is there anymore to this lore, or perhaps Tevin stuff in general?

Here's the info available about this event.

https://kiwifarms.st/threads/cold-cases-tevins-soda-can-saga.42894/

 

[James Smith]

He is just extremely lucky he was talking to a trustee who probably doesn't have a law degree, makes 50k a year, and doesn't actually give a shit.

The woman lives in literally a $600K-685K house. The fuck are you smoking?

 

[AnOminous]

He is just extremely lucky he was talking to a trustee who probably doesn't have a law degree, makes 50k a year, and doesn't actually give a shit.

Are you kidding or are you literally fucking retarded? The trustee for any bankruptcy is the literal monarch of EVERY bankruptcy in an entire district of the United States. It's one of those positions you only get because literally the FUCKING PRESIDENT appointed you to it. How fucking dumb are you?

 

[Sir Wesley Tailpipe]

Are you kidding or are you literally fucking exceptional? The trustee for any bankruptcy is the literal monarch of EVERY bankruptcy in an entire district of the United States. It's one of those positions you only get because literally the FUCKING PRESIDENT appointed you to it. How fucking dumb are you?

Judging by their posts, pretty fucking dumb!

 

[ZehnBoat]

he would be in the black.

*bites fingernails nervously*

 

[actually]

Let me interrupt the dogpile on wakhando to ask: are there any other claim documents that haven't been posted yet? I'm assuming mrhuth would have mentioned them with the ones he posted up, but it might be good to check.

 

[James Smith]

There's nothing new on PACER.

 

[Self-Aware-Neckbeard]

Are you kidding or are you literally fucking exceptional? The trustee for any bankruptcy is the literal monarch of EVERY bankruptcy in an entire district of the United States. It's one of those positions you only get because literally the FUCKING PRESIDENT appointed you to it. How fucking dumb are you?

Are there are recordings of Nancy roasting other Phils or something like that, or does she just do the whole subtle researching thing in order to fuck them in the ass later?

 

[DiabeticSP]

In theory, they could, if the appraised value is $125,000 more than what he owes on the mortgage. All of the realtor websites list it well above that threshold (something like $350k or $360k--I'm not looking at the mortgage value right now). If it happened, Phil would get the $125k that's exempt, the WA condo mortgage holder would get their money, and the rest of the creditors would get a shot at the money in order of secured vs unsecured debt with priority unsecured debt getting first dibs of the 2nd group.

The question is whether or not the trustee has the condo appraised or not, and if she does, whether she decides that it goes on the chopping block.

Edit: Just to add, this is why Phil's case is so weird. Most Chapter 7's are filed because the person filing doesn't have a lot of assets or money to pay their debts with. Phil, on the other hand, has a six figure income, business expenses that ought to be in the hundreds of dollars a month, but also no major assets aside from his WA condo and his electronics. But even the electronics are in the few thousand dollar range, which is mind boggling when you consider that they're what he uses to make all his money. The fact that none of his income over the last several years has fed back into what he does is nuts...but also reality.

That was my assumption as well. I assume that at some point an appraisal will happen, but I think its likely right now Nancy is crunching the numbers to see if Phil even qualifies for a chapter 7 at all.

I don't see someone with a cushy position like her going out of their way to shoot themselves in the foot coming after pigbux. If he doesn't qualify paying lackeys to do the other research is a waste of time.

Part of me wants to watch Phil get Dorian Grey'd by chapter 13 payment plans but a real monkey paw of a 7 would please me too.

"Sure Phil, you can have the bankruptcy you asked for. But you have to move out of your condo by the end of the month because its our condo now."


I just don't see how Phil 47d street fighters his way out of this in a way that doesn't fuck him long term. Even if the chapter 7 goes through the way he wants the credit score hit will cripple his life style.

 

[tomstone]

i dont really get the 125k$ exempt.
why are people who are bankrupt allowed to keep 125k$ and not pay their debt?
i mean i would understand if they can keep maybe ~20k$, but keeping 125k$ and you creditors can get fucked?

 

[Wing Zero]

i dont really get the 125k$ exempt.
why are people who are bankrupt allowed to keep 125k$ and not pay their debt?
i mean i would understand if they can keep maybe ~20k$, but keeping 125k$ and you creditors can get fucked?

Cause some people go bankrupt due to reasons completely out of their control (aka: NOT Phil), and throwing them on the street without a significant penny to their name would be a tad cruel to put it lightly.

 

[James Smith]

i dont really get the 125k$ exempt.
why are people who are bankrupt allowed to keep 125k$ and not pay their debt?
i mean i would understand if they can keep maybe ~20k$, but keeping 125k$ and you creditors can get fucked?

Because in first world countries people actually own the building they live in and have to pay for it themselves, they don't have to choose between living in tuna can apartments or heirloom homes.

 

[Yaniv’s Hairy Balls]

i dont really get the 125k$ exempt.
why are people who are bankrupt allowed to keep 125k$ and not pay their debt?
i mean i would understand if they can keep maybe ~20k$, but keeping 125k$ and you creditors can get fucked?

If I understand correctly it’s bc they want the money to pay the debts, they don’t want them homeless on the streets. So the 125k is to keep living and maybe buy a small home or rent an apartment while you have absolutely no credit.
Imo it’s fair.

 

[King Daddy Telomerase]

125k seems high but that's because there's no/few cheap areas to live in the western US. Which I don't really understand with Washington state because the weather kinda sucks, but people want to be there for some reason.