[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

[LiquidCancer]

He went bankrupt "successfully" and still will have hundreds of thousands of dollars in debt.

 

[AnOminous]

A discharge is absolute. It expunges a debtor's personal liability relating to any past, present or future judgments on pre-petition claims. Midfirst can't come after Phil for the deficiency and they don't care either. They buy bad mortgages, the market value of those is the estimated auction price minus foreclosure costs. They probably broke even on this.

This. There's no spin for this. Phil wins. That's just what happened. It required literally everyone involved to fuck up and be complete idiots (other than MidFirst). And that's what happened.

Pigroach luck is not just a meme.

 

[Gramh]

A discharge is absolute. It expunges a debtor's personal liability relating to any past, present or future judgments on pre-petition claims. Midfirst can't come after Phil for the deficiency and they don't care either. They buy bad mortgages, the market value of those is the estimated auction price minus foreclosure costs. They probably broke even on this. They just buy tons of shitty mortgages and make their money off the few people they can bully into paying again. In the event of a bankruptcy, which happens more often than not, they get rid of the property so they can free up some cash and buy more shitty mortgages.

Except for the fact that Midfirst did their homework enough to not be a part of the bankruptcy and the deficiency that will result isn't part of what gets discharged. The only way it would have been is if the foreclosure and deficiency occurred before the bankruptcy. It's why DSP not fighting the stay order was such a big deal, Midfirst is in the clear to pursue DSP for whatever they would like.

 

[harbinger]

Except for the fact that Midfirst did their homework enough to not be a part of the bankruptcy and the deficiency that will result isn't part of what gets discharged. The only way it would have been is if the foreclosure and deficiency occurred before the bankruptcy. It's why DSP not fighting the stay order was such a big deal, Midfirst is in the clear to pursue DSP for whatever they would like.

Sadly, this is not true. Philip surrendered the CTCondo as part of the bankruptcy. The foreclosure will continue in order to clear the title, but Philip will not be liable for the difference in the sale and the remainder of the mortgage. As far as the CTCondo is concerned, Philip is in the free and clear.

Tip Leader: NancyTheTrustee ($231,000.00)

 

[Tumbo]

Sadly, this is not true. Philip surrendered the CTCondo as part of the bankruptcy. The foreclosure will continue in order to clear the title, but Philip will not be liable for the difference in the sale and the remainder of the mortgage. As far as the CTCondo is concerned, Philip is in the free and clear.

Tip Leader: NancyTheTrustee ($231,000.00)

Nothing truly bad has ever happened to him he's manged to pigroach his way out of Absolutely everything unreal.

 

[Gramh]

Sadly, this is not true. Philip surrendered the CTCondo as part of the bankruptcy. The foreclosure will continue in order to clear the title, but Philip will not be liable for the difference in the sale and the remainder of the mortgage. As far as the CTCondo is concerned, Philip is in the free and clear.

Tip Leader: NancyTheTrustee ($231,000.00)

You'd have to explain more as to how, he didn't surrender the CTCondo as part of the bankruptcy he still is in possession of it legally just like all of his other nondischargeable debts, the foreclosure hasn't processed, and none of what debt he would incur was stated in the bankruptcy filing.

 

[Balr0g]

Does anyone know how long this bankruptcy is under scrutiny? Nick said that they could rescind the bankruptcy order if they would find out that there is something fishy with it (even if that is years in the future if I understood it correctly). I would suspect should Phil declare his taxes for 2020 he might get a bit of scrutiny. I mean making more money in 2020 then in 2019 for the same time intervall (and in a global recession no less!) Of course here is the layman talking. But how would it look when you have a guy who has a chapter 7 bankruptcy but at the same time makes more money then before? Though as so often said there will be probably nothing more coming out of it. I said before but I bet the banks actually don't care at the moment because they bet on goverment bucks to bail them out.

 

[King Daddy Telomerase]

Phil is never getting any scrutiny. He somehow is allowed to not pay his taxes for years, not file them properly, not file bankruptcy properly, and nobody cares. Maybe it's all karma for getting dropped on his head as a kid causing Phil With the Oddly Shaped Head, or for not getting his Wolverine toy.

 

[DiabeticSP]

Phil is never getting any scrutiny. He somehow is allowed to not pay his taxes for years, not file them properly, not file bankruptcy properly, and nobody cares. Maybe it's all karma for getting dropped on his head as a kid causing Phil With the Oddly Shaped Head, or for not getting his Wolverine toy.

To be fair he IS paying his taxes (and penalties). And paid a hilarious amount of interest and charges on his cards.

But yes he did finally go bankrupt after years of considering it and paying minimums/interest forever.

The only difference between Phil and any broke redneck is that we sorta care about Phil. So lets pop some champagne our piggy fixed one aspect of his trainwreck life and he's still playing Nioh for 300 nudniks and hating every moment of his life.

 

[Beetus Knuckles]

@SoapQueen1, @Beetus Knuckles, @Sir Wesley Tailpipe, and anyone else, will the final report be published? And if so, is there any chance it includes more information on the business "expenses" (including a potential breakdown and so on)?

I don't think we'll see much of anything else added to the docket aside from automatic updates. She dug (maybe) into his assets and chose to let it go. She could have literally asked him to produce nearly anything to substantiate his petition. Perhaps if a creditor had objected to his discharge, she might have dug deeper or looked to liquidate the WAKhando. When no objections were entered, she wanted this whole autistic ordeal over with.

 

[DiabeticSP]

I don't think we'll see much of anything else added to the docket aside from automatic updates. She dug (maybe) into his assets and chose to let it go. She could have literally asked him to produce nearly anything to substantiate his petition. Perhaps if a creditor had objected to his discharge, she might have dug deeper or looked to liquidate the WAKhando. When no objections were entered, she wanted this whole autistic ordeal over with.

Dealing with the mentally disabled isnt worth $10k to some bank where $100k is a rounding error.

 

[Smertest Wisard]

Phil triggered a stack underflow for luck after the incident in the mirror factory. A-logs need to start sending him horseshoes enmass.

 

[harbinger]

You'd have to explain more as to how, he didn't surrender the CTCondo as part of the bankruptcy he still is in possession of it legally just like all of his other nondischargeable debts, the foreclosure hasn't processed, and none of what debt he would incur was stated in the bankruptcy filing.

@PieceofShet
https://www.natlbankruptcy.com/what-is-the-difference-between-surrendering-a-home-and-foreclosure/

 

[Gramh]

@PieceofShet
https://www.natlbankruptcy.com/what-is-the-difference-between-surrendering-a-home-and-foreclosure/

The confusing part for me I guess is why, if Midfirst was aware of any of this, would they bother paying a lawyer and paying the court to file a stay order if there wasn't any benefit to doing so. If they weren't looking at being able to pursue a deficiency, it wouldn't matter to them or make sense to bother filing to pursue a foreclosure on a significant loss.

 

[Shick]

The confusing part for me I guess is why, if Midfirst was aware of any of this, would they bother paying a lawyer and paying the court to file a stay order if there wasn't any benefit to doing so. If they weren't looking at being able to pursue a deficiency, it wouldn't matter to them or make sense to bother filing to pursue a foreclosure on a significant loss.

Maybe a gambit to see if any other creditors were paying attention. I can see a situation where another party who wasn't asleep at the wheel would see that and try to figure out why MidFirst cared that much, leading to more scrutiny in the case. Alas, it was not to be.

 

[DX10]

Phil is never getting any scrutiny. He somehow is allowed to not pay his taxes for years, not file them properly, not file bankruptcy properly, and nobody cares. Maybe it's all karma for getting dropped on his head as a kid causing Phil With the Oddly Shaped Head, or for not getting his Wolverine toy.

Have you even stopped to consider how many literal hundreds of thousands of Americans, both small-time and big-league business players, who get away with the exact same shit on an hourly - not daily - basis? If you thought the wheels of justice were ever gonna turn correctly -- especially for someone with a fair amount of personal capital like Phil -- you're either letting your confirmation bias get to you, or you ain't left high school yet.

 

[King Daddy Telomerase]

Have you even stopped to consider how many literal hundreds of thousands of Americans, both small-time and big-league business players, who get away with the exact same shit on an hourly - not daily - basis? If you thought the wheels of justice were ever gonna turn correctly -- especially for someone with a fair amount of personal capital like Phil -- you're either letting your confirmation bias get to you, or you ain't left high school yet.

Yes, but Phil's combination with his extremely easy "career" that he maintains while having no talent or effort while many get cancelled for doing far less egregious offences is what puts him over the top.

 

[Gramh]

Maybe a gambit to see if any other creditors were paying attention. I can see a situation where another party who wasn't asleep at the wheel would see that and try to figure out why MidFirst cared that much, leading to more scrutiny in the case. Alas, it was not to be.

That's not satisfying at all. If Midfirst thought it was going to be out money it would have done all the scrutiny itself and the trustee isn't beholden to a consensus of creditors just one bringing up points would have been enough. There has to be a different gain out of this or it's just throwing good money after bad which is like, business 101 not to do.

 

[DX10]

Yes, but Phil's combination with his extremely easy "career" that he maintains while having no talent or effort while many get cancelled for doing far less egregious offences is what puts him over the top.

There are significantly worse people who do vastly less than Phil who get away with far worse, trust me. Piggly Wiggly didn't deserve to get off with his debt, but it should come as less than a surprise.

 

[tzgnilki]

@PieceofShet
https://www.natlbankruptcy.com/what-is-the-difference-between-surrendering-a-home-and-foreclosure/

I wonder if his surrender overwrites the foreclosure, since midfirst initiated it before he filed for bankruptcy, and were approved by the court to continue with collections