the only way I see him being fucked, is possibly after bankruptcy where the fbi will investigate bankruptcy fraudIf you think the court is actually going to give him the ch. 7 then I have a horse I want to sell you.
He owes six figures to lots of people while obviously having a high income, transparently bogus claims of expenses, and people who are paid based on what they collect.the only way I see him being fucked, is possibly after bankruptcy where the fbi will investigate bankruptcy fraud
bankruptcy court is just a government sponsored sweatshop where they probably have no integrity and just wave everyone through, something major would need to happen otherwise he'll just walk-through like everything else in his life
If it wasn't for Phil's massive reckless credit card debt, I would put odds on him skating through like always. From everything I read, at the least Citibank and Bank of America are going to get their $30k+ back. When that happens, it's just a matter of time before he loses the WAkhando.bankruptcy court is just a government sponsored sweatshop where they probably have no integrity and just wave everyone through, something major would need to happen otherwise he'll just walk-through like everything else in his life
He better have a dang explanation why he conviently omitted his PayPal account. I’m hoping that where his district is a tech hub, the trustees will be on the look out for things like this. I also hope he charged his taxes to a card so he’ll be unable to discharge that debt too. Hardcore begging when he has to lawyer up for an AP or a 2004 exam.He owes six figures to lots of people while obviously having a high income, transparently bogus claims of expenses, and people who are paid based on what they collect.
>is there a way phil can pigroach his way outHey, I made an account to ask this, as I've been watching this with great interest. IS there a way Phil can get out of this unscathed? is his lawyer good enough to pull a big brain on the courts and slide him through under the bar of bureaucratic indifference? There's lots of speculation going around, and as I understand it (I'm not American), they won't force him into homelessness, I think I read that a few times. What if he really is the golden pig and none of the creditors decide to show up and the judge just shrugs and says here you go, you're bankrupt, congratulations.
Short answer is that it depends on how much he's actually spending on duh business every month and how the trustee values his WAkhando. As it is, Phil used an old Zillow value (and took out 9% of the price for a realtor), which put the equity at just below $125,000, which is the exemption amount in WA. So under Chapter 7, the WAkhando would be exempt. However, his valuation of the condo is low--every site I found put the value at anywhere from $410k-$450k and other similar condos in his neighborhood have sold for that. In addition, he finagled his expenses so that he just met the threshold income for Chapter 7--basically, he claimed an average of $5000 or so in "business expenses" each month. If he can't prove that he actually spends that much on legit expenses (and no one can figure out even a longshot way he gets to that amount), that will change his income numbers and he probably won't qualify for Chapter 7 anymore.
Phil's gonna get fucked when he has to fork over the bank statements. The creditors are for sure going to want to take a look at his July 2019 transactions when he claims to have had $9,086.95 in business expenses alone. He filed his bankruptcy petition at the very end of January to make sure that month was on it, which really skews his net income. With it, he's claiming $9,234.53 in monthly income with $5,243.84 in monthly expenses for a net income of $3,990.69. Combine that with Kat's monthly income of $1,742.32 and you get the $5,733.01 that Phil provided. Keep in mind that Phil wants to get as close as possible to Washington's median monthly income for a family of 2 of $5,541 so he can qualify for Chapter 7 bankruptcy. If we take the skewed month out and do just the last 5 months of income, he's at $9,437.58 in monthly income ($203 more) with $4,474.22 in monthly expenses ($769 less) for a net income of $4,963.36. Combined with Kat's $1,742.32, this puts their monthly income at $6,705.68. This is important because this would put their income just slightly below the state average of $6,845 for a family of 3 (sorry Phil, Jasper doesn't count) and way above the income for a family of 2, thus most likely disqualifying Phil from Chapter 7.
In short: Phil including July 2019 makes a net difference of $972 per month. He definitely doesn't want Chapter 13 and is desperately cooking the books to make it happen. Something tells me that Phil didn't realize he's going to have to prove his claims with actual evidence and thought everything would be through the petition that he could bullshit. It's why he was at first so adamant that there were no mistakes until literally everybody pointed out all the shit wrong with it and he changed his story.
There's actually apoint about his car that I think may be being misapprehended. Nick 'Internet lawyer' explained in the stream. Phil's car is worth about $15K and Phil still owes around $14K on the loan for that car, that means Phil only has approximately a little over $1K equity in his vehicle and the vehicle exemption goes up to like $3,250. He said Phil will keep his car in the bankruptcy.I think DSP might actually be fucked this time, If I was him I would have tried to at least make an effort and sell the car. Tell the judge they can repo the car but I want my wakando. DSP has gotten so lucky over the years but I think this one won't be so easy for him. His only chance is that their is so much paperwork that his documents slip through courts as some bored intern gives his documents a quick glance.
His only victim will be himself if they find out about this non-exempt asset they can freely have liquidated. I guess he just didn't want it protected.To be clear, PayPal is not a bank. The spirit of the question probably was that the PayPal account should be included, but the letter of the question allowed a stupid or malicious debtor to not list it.
I can see it now:I can totally see something like that happening at a hearing where they're asking questions about his flawed filing, and plays a video from his own channel pointing out lies and shit. Bonus points if they use a tractor video so he doesn't get the views.
There are too many variables to say with certainty what's going to happen. What we do know is that the petition as it stands right now doesn't hold up under any serious scrutiny. That in itself leads to the most interesting question: will the trustee find sufficient evidence that phil has tried to hide assets and exaggerate or fabricate expenses in order to abuse the bankruptcy system? If she does, it could lead to the worst-case scenario for Phil: his case is dismissed with prejudice. This would mean that all his creditors get to eat him alive. It's more likely however, that Phil's case is dismissed without prejudice and he immediately gets to refile for Chapter 13. It's also possible, unfortunately, that his case manages to slip through the cracks and he gets his dream bankruptcy.Hey, I made an account to ask this, as I've been watching this with great interest. IS there a way Phil can get out of this unscathed? is his lawyer good enough to pull a big brain on the courts and slide him through under the bar of bureaucratic indifference? There's lots of speculation going around, and as I understand it (I'm not American), they won't force him into homelessness, I think I read that a few times. What if he really is the golden pig and none of the creditors decide to show up and the judge just shrugs and says here you go, you're bankrupt, congratulations.
You forget that while homelessness is exceptionally optimistic, him losing the WAkhando is his ultimate nightmare. It would symbolize complete failure to lose his big adult house that even he couldn't deny with his own narcissm. So it's gonna be hilarious for us to see the meltdown.Even if the WAkhando was sold, he would still get to keep $125000 and he wouldn't have any trouble finding a place to rent.
I'm fairly certain it means they have full legal clearance to go take everything Phil owns and throw it up for auction to get their money back. Obviously the WA condo will be the first thing they set their sights on since it's the most valuable thing, followed up probably by most of the furnishings.Also, because I don't have debt to warrant such things, what exactly happens if the judge throws this whole thing out with prejudice. Like, what does the creditors devouring his carcass actually mean as far as collecting on that debt? Assuming we got the best possible outcome across the board.
Agreed. And he should have realized that though this is not considered a "bank" it is still considered an asset and is only protected by certain exemptions with a corporate name or LLC. If the account says Phil Burnell, it's considered a personal asset. Most recommend listing this in the 'financial accounts' section, assuming he hasn't pulled out a line of credit there as well, in which case, more creditor entities join the party (i.e. Paypal Credit, Bill Me Later, Synchrony Bank, etc)To be clear, PayPal is not a bank. The spirit of the question probably was that the PayPal account should be included, but the letter of the question allowed a stupid or malicious debtor to not list it.