[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

What will happen with his case following the 341 meeting?

  • Still gets Chapter 7

    Votes: 23 7.9%
  • Changed to Chapter 13 and ultimately fails to make his required payments

    Votes: 137 47.2%
  • Chapter 13 and successfully completed all payments

    Votes: 5 1.7%
  • Complete dismissal of the bankruptcy

    Votes: 125 43.1%

  • Total voters
    290

tzgnilki

kiwifarms.net
So where do we go from here? The agents will get their claws into this I take it?
we have 2 reaffirmation hearings(applications?), one for the $50,000 corolla, which is now worth $10,000, and the WAkahndo, they need to be approved by the court, not sure if he has to attend in person, probably not, and not sure of timeline

and a relief from stay filed by midfirst bank, for the CT kahndo foreclosure & deficiency, which he must respond to by 3rd April, and hearing on the 10th April

this shit isn't over yet like he seems to think

B38F7122-93BE-4888-8AC6-98B9577DE2AF.jpeg


if midfirst can get relief, they would need a deficiency judgement for the remaining value of the loan, if successful they can slap a lien on the WAkahndo and demand a payment plan, payment in full, or force him to sell it by court order, that's as far as what I understood being a google lawyer
 
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GigaOPC

kiwifarms.net
My assumption is that C7 would mean the debt buyer losing their investment so my guess is that he's hoping for C13 or ideally having the bankruptcy dismissed entirely. Even C13 means the debt couldn't be collected in whole. Citi presumably was selling because, in their estimation, there's a low chance that the debt will be collected. They probably look at thousands of these things a day and have some quick process through which they determine which debts they'll fight to collect and which they'll try to sell off which is how our lad ended up in possession of some of DSP's debt.

Either way pretty entertaining stuff today. The ride truly never ends with this guy.
I'm not really familiar with debt collection, but I'd assume ch13 would be better than bankruptcy dismissal because if it's chapter 13 he is just added as a debtor and the court handles the collection of the money and disperses it to him while with dismissal he would have to put in effort himself to collect such as garnishment or other means.
 

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Wagner loves cock
kiwifarms.net
I'm not really familiar with debt collection, but I'd assume ch13 would be better than bankruptcy dismissal because if it's chapter 13 he is just added as a debtor and the court handles the collection of the money and disperses it to him while with dismissal he would have to put in effort himself to collect such as garnishment or other means.
A Chapter 13 is as good as a dismissal for Phil, he just doesn't know it yet. He'd never be able to meet the payment plan.
 

RockHawk

kiwifarms.net
I'm not really familiar with debt collection, but I'd assume ch13 would be better than bankruptcy dismissal because if it's chapter 13 he is just added as a debtor and the court handles the collection of the money and disperses it to him while with dismissal he would have to put in effort himself to collect such as garnishment or other means.
full dismissal is much better for the creditors because they can actually pursue the full amount of the debt. with Ch13, Phil's funds are gathered up and dispersed to creditors by the trustee for a period of time, and then once that's done the remaining debt is absolved. most creditors have entire offices and staff dedicated to collecting debts through garnishments, etc. so it's not like they have to go out of their way to do something they're already paying an employee to do.
 

darkwingosonichugorl

duhuhuhuhuhuh
kiwifarms.net
A Chapter 13 is as good as a dismissal for Phil, he just doesn't know it yet. He'd never be able to meet the payment plan.
I'd say Ch. 13 is even worse because Phil will pathetically try to live by the strict payment plan which will shatter him, and he'll eventually crack leaving him dismissed. And it will be more fun for us detractors to watch.
 

tomstone

kiwifarms.net
Yeah, the REEEEEEEEEing that would ensue would be the stuff of legends. I'm talking sloppy drunk on stream stuff.
just imagine him losing both condos and having to stream from his parents basement. absolut gold.
+ he couldnt stream for a few weeks when he has to move out of his house and making zero $ which gets him even deeper in shit.
 

AnOminous

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A Chapter 13 is as good as a dismissal for Phil, he just doesn't know it yet. He'd never be able to meet the payment plan.
I'm frankly not even sure that a "Chapter 13 plan" would be anything other than "pay your fucking bills you deadbeat." What kind of discount could he expect? He can pay his bills, he just doesn't want to.
 

John Deeretractor

kiwifarms.net
I'm not really familiar with debt collection, but I'd assume ch13 would be better than bankruptcy dismissal because if it's chapter 13 he is just added as a debtor and the court handles the collection of the money and disperses it to him while with dismissal he would have to put in effort himself to collect such as garnishment or other means.
That also operates on the assumption that the debt buyer bought his debt with the intention of making money rather than to basically be legally entitled to harass him. Considering that the debt buyer livestreamed the 341 and is among us that is not an assumption that I make. Dude paid $600 to harass DSP and if he makes a little money in the process it's a win-win. Seems like a pretty safe investment to me because with all the red flags that have been thrown up (and today's confirmation that the trustee has taken notice of said flags) I'd be amazed if this goes through as Chapter 7.

It will be interesting to see what happens going forward with this especially since the trustee to some degree now works on behalf of this debt buyer.
 

Salubrious

Feelin' Healthy
kiwifarms.net
I'm frankly not even sure that a "Chapter 13 plan" would be anything other than "pay your fucking bills you deadbeat." What kind of discount could he expect? He can pay his bills, he just doesn't want to.
I'm not sure he actually could pay his bills at this point.

This is just his INTEREST payments per month:
Credit Cards/Personal Loans - $2700
WA Condo - $1000 (Plus $550 in Property Taxes plus $272 in Principle)
CT Condo - $430 (Plus taxes and principle)

Plus he's paying like $700 to two HOAs. Plus business and federal taxes.

Plus he's pays $580 for his car payment ($380) plus car insurance ($200). Plus gas and any maintenance.

Yeah. Some people rob Peter to pay Paul. DSP fucked himself because he stiffed both Peter and Paul and then they both came for him at once.
 

AnOminous

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I'm not sure he actually could pay his bills at this point.

This is just his INTEREST payments per month:
Credit Cards/Personal Loans - $2700
WA Condo - $1000 (Plus $550 in Property Taxes plus $272 in Principle)
CT Condo - $430 (Plus taxes and principle)

Plus he's paying like $700 to two HOAs. Plus business and federal taxes.

Yeah. Some people rob Peter to pay Paul. DSP fucked himself because he stiffed both Peter and Paul and then they both came for him at once.
He's not paying the CT condo and it's being foreclosed on. That's going away. As for the rest, that's much less than the $5,000 he claims to make every month.
 

Salubrious

Feelin' Healthy
kiwifarms.net
He's not paying the CT condo and it's being foreclosed on. That's going away. As for the rest, that's much less than the $5,000 he claims to make every month.
I was presuming without bankruptcy and foreclosure.

Even without the CT condo, DSP would still be paying $2200 for his WA condo & HOA, plus $600 for his car, plus $3000-$3500 in credit cards, plus his $10K is gross so he has to pay federal taxes (in theory, we know he doesn't and then begs harder in December), plus other basic costs.
 

AnOminous

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I was presuming without bankruptcy and foreclosure.

Even without the CT condo, DSP would still be paying $2200 for his WA condo & HOA, plus $600 for his car, plus $3000-$3500 in credit cards, plus his $10K is gross so he has to pay federal taxes (in theory, we know he doesn't and then begs harder in December), plus other basic costs.
Then he should lower his expenses and live within his means. I'm just not sure he's bankrupt when his entire situation is because of his optional behaviors.
 

Pandalee’s Tits

kiwifarms.net
What do you guys think the likelihood is of Phil withdrawing his bankruptcy filing after the trustee requested his PayPal activity? I feel like that’s the best bet for him now in order to avoid further perjury.
 

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Wagner loves cock
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What do you guys think the likelihood is of Phil withdrawing his bankruptcy filing after the trustee requested his PayPal activity? I feel like that’s the best bet for him now in order to avoid further perjury.
Absolutely zero. Virtually nobody goes to jail for perjury. His only real risk is getting the bankruptcy he doesn't qualify for dismissed or transitioned to a Chapter 13. Could he get sanctioned? Even if he does, what does one more payment he can't make mean on top of his current situation? He doesn't have any real incentive not to lie because he's fucked without Chapter 7. The man is quite literally going for broke because the alternative is a mountain of debt that will collapse and kill him.
 

Salubrious

Feelin' Healthy
kiwifarms.net
Then he should lower his expenses and live within his means. I'm just not sure he's bankrupt when his entire situation is because of his optional behaviors.
He's bankrupt BECAUSE he lives outside his means.

We are long long LONG past the point of what DSP "should" do. He "should" sell his condo and his car and get an apartment and a used car. He's not going to do those things because he has entitlement issues.
 

AnOminous

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He's bankrupt BECAUSE he lives outside his means.

We are long long LONG past the point of what DSP "should" do. He "should" sell his condo and his car and get an apartment and a used car. He's not going to do those things because he has entitlement issues.
Then he shouldn't be entitled to the protections of bankruptcy for shit he could fix immediately if he chose to. They should dismiss his case.
 
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