[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

[Freshtodeath]

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.

I wonder if Midfirst discovered that Phil is broke and decided not pursue their case further.

 

[Gramh]

I wonder if Midfirst discovered that Phil is broke and decided not pursue their case further.

That's not viable either, with any debt being discharged his living expenses would go down and Midfirst is more aware now of his financial state even though he has no assets.

 

[Mesh Gear Fox]

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

Did he really surrender it though? I thought he just didn't fight the relief of stay and MidWest was granted the foreclosure.

 

[harbinger]

Did he really surrender it though? I thought he just didn't fight the relief of stay and MidWest was granted the foreclosure.

 

[Mesh Gear Fox]

Hmmm, would foreclosure still be considered surrender, even though it was involuntary?

 

[AnOminous]

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.

We'll see because they may actually try this, whatever the law is. But I believe that any deficiency judgment would be a preexisting debt, and he declared that debt in his bankruptcy filing, so anything in excess of the mortgage itself is, IMO, discharged. So Phil wins on that one too.

Hmmm, would foreclosure still be considered surrender, even though it was involuntary?

Pretty much, yeah.

Did he really surrender it though? I thought he just didn't fight the relief of stay and MidWest was granted the foreclosure.

The foreclosure has not, so far as I know, actually happened yet. Technically, DSP is still in possession of the property.

 

[Gramh]

We'll see because they may actually try this, whatever the law is. But I believe that any deficiency judgment would be a preexisting debt, and he declared that debt in his bankruptcy filing, so anything in excess of the mortgage itself is, IMO, discharged. So Phil wins on that one too.

It's just the stay order seem to be very specific about Midfirst being able to pursue compensation, I'm not a lawyer by any means so there may be some loopholes or I'm just misunderstanding the terminology.

 

[PutridElephant]

Don't know if this has been posted or not but this is the Trustee's report:

 

[actually]

Don't know if this has been posted or not but this is the Trustee's report:

View attachment 1281985

I need to read more, but this sounds like MidFirst might still be able to come after Phil because the assets were abandoned instead of exempted. Could get interesting. We'll need to watch what MidFirst does.

 

[AnOminous]

It's just the stay order seem to be very specific about Midfirst being able to pursue compensation, I'm not a lawyer by any means so there may be some loopholes or I'm just misunderstanding the terminology.

That's why I think they might try to snipe it and hope Phil doesn't have the resources to fight it.

I think they'll probably just foreclose and walk away, though, based on the general pigroach luck that has prevailed through this entire thing.

 

[SaidNoOneEver]

Don't know if this has been posted or not but this is the Trustee's report:

View attachment 1281985

"Assets abandoned: $427,615.35"

Ummm, what?

What Is Abandoned Property In Bankruptcy? - Allmand Law Firm, PLLC

Abandoned Property In Bankruptcy When a debtor files bankruptcy, all of their property becomes part of the bankruptcy estate. The bankruptcy estate is

www.allmandlaw.com

"In summary, abandoned property is that property which the bankruptcy trustee has determined to be of so little value to the estate and creditors that it is not worth liquidating. Once the case is closed, the abandoned property returns to its original owner – usually the debtor. In most basic bankruptcy cases, this is not really an issue because the debtor really has no non-exempt property of any real value. But there are exceptions to this rule and in those cases the rule of abandonment is a benefit to the debtor. "

 

[Gramh]

That's why I think they might try to snipe it and hope Phil doesn't have the resources to fight it.

I think they'll probably just foreclose and walk away, though, based on the general pigroach luck that has prevailed through this entire thing.

Well yeah with this bankruptcy being passed through with his totes real $5k business expenses and apparently inflexible $600 in food bills a month (how the hell that happens with the cheap ass shit he eats is beyond me) that made him squeak under financial responsibility, I wouldn't even be surprised if Midfirst said he could keep the CTcondo and send him tickets to Disney World and an all expenses paid pass to Star Wars Experience.

 

[Funko Pops NFT collector]

Don't know if this has been posted or not but this is the Trustee's report:

View attachment 1281985

They literally just stamped it,they showed Nancy an entire room full of collectibles and she says he has no property to liquidate. I have not commented on this thread until now but people at the beggining of the thread were saying things along the lines of "bankruptcy needs to exist because people go into debt for reasons beyond their control" but lets be real,how many of the people declaring bankruptcy are those? I would be surprised if more than 5% declare bankruptcy because of medical bills,its just a retarded tool used by goverment to let irresponsable mongoloids default on their debt,it shouldnt exist.

People that say "bu-but he paid a lot of money in interest" yes,and that was part of the contract,just because he paid interest that doesnt mean he is not scamming his lenders for what he owes,if you lend 100$ to a friend with the condition that if he doesnt pay you back in a month he should pay you 10$ a month,would you forgive his debt if in a year he doesnt give you your money back? I wouldnt. If someone is trapped in interest hell is because that person is retarded and deserves it,if someone fucks their life with bad decisions thats on them,for people that say "fuck the banks" guess what,no one forced anyone to ask them to lend them money and because of people like Phil that dont pay what they owe everyone has to pay higher interests on their credit card to compensate for that,the banks dont just shrug their shoulder and lose the money when cases like Phil happen,every other person that uses a credit card has to pay extra interest because of people like Phil.

We know that a percentage of people that go to jail are innocent but we still send people to jail because the vast majority of people that are sent there are criminals,for the same reason bankruptcy shouldnt exist since the vast majority of people declaring it are like Phil. Also its fucked up that the goverment doesnt lose anything when they let someone declare bankruptcy,I guarantee that if the goverment was forced to pay 50% of the debt of the person that declared bankruptcy things like these wouldnt happen.

 

[SaidNoOneEver]

They literally just stamped it,they showed Nancy an entire room full of collectibles and she says he has no property to liquidate. I have not commented on this thread until now but people at the beggining of the thread were saying things along the lines of "bankruptcy needs to exist because people go into debt for reasons beyond their control" but lets be real,how many of the people declaring bankruptcy are those? I would be surprised if more than 5% declare bankruptcy because of medical bills,its just a exceptional tool used by goverment to let irresponsable mongoloids default on their debt,it shouldnt exist.

People that say "bu-but he paid a lot of money in interest" yes,and that was part of the contract,just because he paid interest that doesnt mean he is not scamming his lenders for what he owes,if you lend 100$ to a friend with the condition that if he doesnt pay you back in a month he should pay you 10$ a month,would you forgive his debt if in a year he doesnt give you your money back? I wouldnt. If someone is trapped in interest hell is because that person is exceptional and deserves it,if someone fucks their life with bad decisions thats on them,for people that say "fuck the banks" guess what,no one forced anyone to ask them to lend them money and because of people like Phil that dont pay what they owe everyone has to pay higher interests on their credit card to compensate for that,the banks dont just shrug their shoulder and lose the money,every other person that uses a credit card has to pay extra interest because of people like Phil.

We know that a percentage of people that go to jail are innocent but we still send people to jail because the vast majority of people that are sent there are criminals,for the same reason bankruptcy shouldnt exist since the vast majority of people declaring it are like Phil. Also its fucked up that the goverment doesnt lose anything when they let someone declare bankruptcy,I guarantee that if goverment was forced to pay for 50% of the debt of the person that declared bankruptcy things like these wouldnt happen.

DSP didn't just win, he drug his nuts across Nancy's face. He didn't give up a single thing. He was already going to lose the CT condo, was already unable to get any new credit and his score was already shot for a decade. This motherfucker was barely even inconvenienced by all this. He lost what, one day off streaming?

This is really unbelievable.

and she says he has no property to liquidate.

According to that report snippet she found over $400k in assets, they just aren't worth selling or some shit. Are we sure she didn't mix up the cases a couple weeks ago and she thinks this is Yacht Guy?

 

[AnOminous]

DSP didn't just win, he drug his nuts across Nancy's face. He didn't give up a single thing. He was already going to lose the CT condo, was already unable to get any new credit and his score was already shot for a decade. This motherfucker was barely even inconvenienced by all this. He lost what, one day off streaming?

This is really unbelievable.

He lost nothing. He completely won. This is such absolute bullshit it is unbelievable. I should be chimping out but I'm now mad about some other dumb bullshit involving a gunt.

 

[Schmeckel]

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.

Hey, everybody! Look at this guy who DOESN'T have a real adult business degree! AHBVIOUSLY, if he DID, he wouldn't be a complete morahn and would be capable of conscious thought. *Snake hiss* Clearly this guy never figured out how to whale in playgirl bejeweled and get it all thrown out in court. Ack Ack Ack Ack. *Knee slap* *Snort*

 

[SojiroSakura]

He's gonna get his credit card debt wiped, sure. But there's still the other 400k debt that he's stuck with. He didn't "win", per se, he's still got a lot more begging to do. Even then he's still not gonna pay anything as long as the muscle men are in his mind 24/7.

 

[Funko Pops NFT collector]

DSP didn't just win, he drug his nuts across Nancy's face. He didn't give up a single thing. He was already going to lose the CT condo, was already unable to get any new credit and his score was already shot for a decade. This motherfucker was barely even inconvenienced by all this. He lost what, one day off streaming?

This is really unbelievable.





According to that report snippet she found over $400k in assets, they just aren't worth selling or some shit. Are we sure she didn't mix up the cases a couple weeks ago and she thinks this is Yacht Guy?

Phil won,he lost nothing and got a massive tip from Nancy but im more mad at the goverment than Phil,this is a tool that shouldnt exist,is just like house arrest,you see all the time violent criminals serving a few years in jail and then they get home arrest so they stay in their house all comfy with their family just chilling,you migth think "bu-but in some cases this needs to exists" but in my opinion criminals belong in prision not at home playing vidya or watching tv and debtors need to pay what they owe instead of having the goverment wipe their debts.

 

[actually]

I would be surprised if more than 5% declare bankruptcy because of medical bills,its just a exceptional tool used by goverment to let irresponsable mongoloids default on their debt,it shouldnt exist.

This is the real reason most Americans file for bankruptcy

Two-thirds of people who file for bankruptcy say medical bills or other issues related to illness contributed to their financial downfall. One big reason: their health insurance wasn't enough.

www.cnbc.com

"A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, the research found."

 

[Funko Pops NFT collector]

This is the real reason most Americans file for bankruptcy

Two-thirds of people who file for bankruptcy say medical bills or other issues related to illness contributed to their financial downfall. One big reason: their health insurance wasn't enough.

www.cnbc.com

"A new study from academic researchers found that 66.5 percent of all bankruptcies were tied to medical issues —either because of high costs for care or time out of work. An estimated 530,000 families turn to bankruptcy each year because of medical issues and bills, the research found."

Wow I didnt know that,I guess I was wrong.